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Climate and energy investment map in Germany. Status report 2016

Climate and energy investment map in Germany Status report 2016

Aleksandra Novikova

Kateryna Stelmakh

Alexander Klinge

Irina Stamo

FEBRUARY 2019

PREPARED BY

FEBRUARY 2019 — PAGE 2/109


Project in brief

The EU Member States must mobilise significant capital to achieve EU energy and climate targets for 2030. Many States have limited experience in mobilising private capital and must now build the knowledge and capacity to do so. The project ‘Climate investment capacity (CIC2030): climate finance dynamics & structure for financing the 2030 targets’ aims to address this challenge by supporting the development of prototypes to (a) track current climate and energy investment vol-umes and patterns in a given country; (b) analyse existing investment needs and gaps against energy and climate targets; and (c) develop plans to raise capital and close current funding gaps. This report addresses point (a) and the development of a climate and energy investment map (CEIM) for Ger-many as a frontrunner in the European energy transition. In parallel, the project focusses on point (b) and the preparation of a prototype for a German investment need and gap assessment (INGA). It will then transfer and adapt this knowledge to national circumstances in selected Member States, namely Czechia and Latvia. Using a learning-by-doing approach, the latter countries will prepare similar prototypes as well as additional plans to raise capital and close existing investment gaps.

Report abstract

This report aims to contribute to the discussion of EU Member States’ upcoming National Energy and Climate Plans (NECPs), in which Member States are required to present information on existing in-vestment flows to decarbonisation efforts. The report assesses existing data sources and climate-fi-nance tracking systems to estimate climate and energy investment in Germany in 2016. It presents a map illustrating the volume of climate and energy investment flows – from the financing sources, through the intermediaries and financial instruments, to the recipient sectors (i.e. agriculture, build-ings, energy, industry, and transport sectors). The map provides insight into who invests how much into what kind of measures. It is intended to serve as an example for Latvia and Czechia as they seek to replicate this exercise. The report also points to the status of available information and discusses the various methodological and data challenges encountered in the analysis.

Disclaimer

This project is part of the European Climate Initiative (EUKI – www.euki.de) of the German Federal Ministry for the Environment, Nature Conservation and Nuclear Safety (BMU). It is the overarching goal of the EUKI to foster climate cooperation within the European Union (EU) in order to mitigate greenhouse gas emissions. The opinions put forward in this report are the sole responsibility of the authors and do not necessarily reflect the views of the Federal Ministry for the Environment, Nature Conservation and Nuclear Safety (BMU).

Contacts

Simon Schäfer-Stradowsky, Aleksandra Novikova, Irina Stamo Institut für Klimaschutz, Energie und Mobilität (IKEM) Magazinstr. 15–16 | D-10179 Berlin [email protected], [email protected], [email protected]

This report should be cited as follows:

Novikova, A., Stelmakh, K., Klinge, A., Stamo I. 2019 Climate and energy investment map of Germany. Status Report 2016. Institute for Climate Protection, Energy and Mobility (IKEM): February 2019.

http://www.euki.de/

mailto:[email protected]





Acknowledgements

We would like to express our gratitude to the Federal Ministry for the Environment, Nature Conser-

vation and Nuclear Safety (BMU) and the Federal Ministry of Economics and Technology (BMWi) for

supporting our project. We are also grateful to Ms Caterina Salb and Ms Mareike Welke, of the BMU,

and Mr Niels Anger, of BMWi, for providing useful information and feedback for project implementa-

tion. In addition, we thank the EUKI officer, Ms Ulrike Leis, for her project management on behalf of

the GIZ.

We are indebted to Ms Anja Rosenberg, who played a leading role in updating the methodology for

tracking climate finance in Germany and provided invaluable support in collecting, analysing, and con-

solidating data for the Climate and Energy Investment Map presented in this report.

We also thank our project partners, Ms Michaela Valentova, of the Czech Technical University in Pra-

gue (CVUT), and Mr Agris Kamenders, of Riga Technical University (RTU), for discussing how to max-

imise the benefits of climate and energy investment for other EU countries. We extend special thanks

to Mr Ingmar Juergens and Mr David Rusnok for brainstorming, discussing, and reviewing this report.

We thank the following organisations and individuals for providing invaluable information and assis-

tance in our research: Mr Thomas Bernheim, Mr Andreas Boschon, Mr Georgios Patris, Ms Annachiara

Vercellin, and Ms Iris Imcke, of the European Commission; Mr Andreas Barkmann, of the European

Environmental Agency (EEA); Mr Juergens Kern, Ms Marianne Strunz, and Ms Bettina Dorendorf, of

Kreditanstalt für Wiederaufbau (KfW); Mr Eife Schmid, of the European Investment Bank (EIB); Mr

Hans-Peter Klein and Ms Susanne von Horn, of Bundesamt für Wirtschaft und Ausfuhrkontrolle

(BAFA); Mr Sven Remer, of Verein für Umweltmanagement und Nachhaltigkeit in Finanzinstituten e.V.

(VfU); Ms Angela McClellan, of Forum Nachhaltige Geldanlagen e.V. (FNG); Mr Dierk Francksen, of

Rentenbank; and Mr Guerhan Gueloglu, of the Bundesamt für Güterverkehr.

We would also like to express our gratitude to Mr Padraig Oliver and Ms Chavi Meattle, of Climate

Policy Initiative (CPI), for reviewing and providing feedback on our report; to Mr Ian Cochran and Mr

Hadrian Hainaut, of the Institute for Climate Economics (I4CE); and to Ms Beate Hollweg, of the Ger-

man Environmental Agency (UBA).

Finally, we are grateful to Ms Kate Miller, of the University of Greifswald, for editing and proofreading

this report.



Acronyms

Acronyms in English Acronyms in German

BAFA Federal Office for Economic Af-fairs and Export

BAFA Bundesamt für Wirtschaft und Aus-fuhrkontrolle

BMU Federal Ministry for the Environ-ment, Nature Conservation and Nuclear Safety

BMU Bundesministerium für Umwelt, Na-turschutz und nukleare Sicherheit

BMVI Federal Ministry of Transport and Digital Infrastructure

BMVI Bundesministerium für Verkehr und digitale Infrastruktur

BMWi Federal Ministry of Economics and Technology

BMWi Bundesministerium für Wirtschaft und Technologie

BMEL Federal Ministry of Food and Agri-culture

BMEL Bundesministerium für Ernährung und Landwirtschaft

BNetzA Federal Network Agency BNetzA Bundesnetzagentur

CAP Common agricultural policy GAP Gemeinsame Agrarpolitik

CEF Connecting Europe Facility (-E for Energy and Infrastructure, and -T for Transport)

CEIM Climate and Energy Investment Map

CPI Climate Policy Initiative

CO2 Carbon dioxide

EAFRD European Agricultural Fund for Rural Development

ELER Europäische Landwirtschaftsfonds für die Entwicklung des ländlichen Raums

EAGF European Agricultural Guarantee Fund

EGFL Europäischen Garantiefonds für die Landwirtschaft

ECA European Court of Auditors

EEA Renewable Energy Agency EEA Erneuerbare Energien Agentur

EEG Renewable Energy Sources Act Erneuerbare-Energien-Gesetz

EEPR European Energy Programme for Recovery

Europäisches Energieprogramm zur Konjunkturbelebung



Acronyms in English Acronyms in German

EIB European Investment Bank Europäische Investitionsbank

ERDF European Regional Development Fund

EFRE Europäische Fonds für regionale Ent-wicklung

FIT Feed-in tariff Einspeisevergütung

GAK Joint Task for the Improvement of Agricultural Structures and Coastal Protection

GAK Gemeinschaftsaufgabe Agrarstruktur und Küstenschutz

GFCF Gross fixed capital formation

GHG Greenhouse gas

IPCC Intergovernmental Panel for Cli-mate Change

KfW Credit Institution for Reconstruc-tion

KfW Kreditanstalt für Wiederaufbau

LFI Financial institution of a German federal state [Land, plural Länder]

LFI Landesförderinstitut

NKI National Climate Initiative NKI Nationale Klimaschutzinitiative

NECP National energy and climate plan

PCI Projects of Common Interest

R&D Research and development

SME Small and medium-sized enter-prises

TEN Trans-European Networks (-E for Energy and -T for Transport infra-structure)

UBA Federal Environment Agency UBA Umweltbundesamt



Contents

Executive summary 8

1. Introduction 12

1.1. Background and objective of this report 12

1.2. Why is the German case study so interesting? 12

1.3. Research output, questions, and structure 14

2. Methodology 15

2.1. Analytical framework 15

2.2. Scope and boundaries 18

2.3. Data sources used, data analysis, and limitations 23

3. Results 30

3.1. Sources of finance 32

3.2. Intermediaries 33

3.3. Financial instruments 37

3.4. Recipients 38

3.5. Comparison of 2010 with 2016 57

3.6. How to improve data and methodology for tracking climate financing in Germany 59

4. Conclusion 61

References 64

Annexes 83

Annex 1: Energy generation and infrastructure – assumptions 83

Annex 2: Industry sector – assumptions 87

Annex 3: Building sector – assumptions 88

Annex 4: Transport sector – assumptions 99



Annex 5: Agriculture sector – assumptions 102

Annex 6: Other sectors (waste and wastewater) – assumptions 104

Annex 7: Split of KfW programmes by investor and by financial instrument in 2016 105

Annex 8: Förder- und Landesbanken climate-related finance 106



Executive summary

Addressing climate change will require the redistribution of investment towards climate-friendly so-

lutions as well as an overall increase in such investment. As one important element in addressing this

challenge in the European Union (EU), the Regulation on the Energy Union Governance requires the

EU Member States to create national energy and climate plans (NECPs). These must include details on

current investment flows to the decarbonisation of Member State economies.

The present report aims to contribute to the discussion of current climate and energy invest-

ment in Germany by evaluating recent data for 2016 and comparing it to a similar assessment con-

ducted for 2010 (Juergens et al. 2010). The report is also intended to assess whether the methodolog-

ical and data challenges encountered in such assessments have changed since 2010.

The principal output of this report is a climate and energy investment map (CEIM) for Germany

for the year 2016. This map provides a snapshot of climate and energy investment flows, from the

sources of capital, through the relevant intermediaries and financial instruments, to the recipient sec-

tors.

The map was created using a bottom-up approach, tracking actual 2016 disbursements at a tech-

nology level and aggregating them at sector and then country level. We considered only climate-spe-

cific tangible investment (i.e. energy-efficient equipment, infrastructure, buildings, and renewable

energy technologies targeting or resulting in greenhouse gas (GHG) emissions reductions and/or in-

creases in carbon sinks). Soft measures (i.e. research and development, information campaigns, and

policy development) play a key role in driving the energy transition and climate-change mitigation;

however, these were excluded from our analysis.

The map reflects both total capital investment and incremental investment. The incremental in-

vestment represents the additional expenditure necessary to invest in a low-carbon technology rather

than a business-as-usual practice. Total capital investment reflects the full cost of a technology or prac-

tice.

Based on the climate-specific investment flows traced here, we observe a 16% increase in the vol-

ume in 2016 (EUR 42.7 billion) relative to 2010 levels (EUR 36.7 billion). These volumes reflect

the share of incremental investment in energy efficiency (EUR 8.5 billion), the total investment cost of

renewable energy deployment (EUR 25.0 billion), and the total investment cost of non-energy-related

mitigation and cross-cutting measures (EUR 9.3 billion). Relative to 2010 investment, the volume of

flows to renewable energies decreased by 6%, while the volume of flows to energy efficiency

increased by 18%.



We calculated total investment1 in energy efficiency (EUR 29.0 billion) for 2016, as well as the incre-

mental share of investment cost reflected in the comparison above (EUR 8.5 billion). Total investment

across all technologies (including energy efficiency, renewable energy, and non-energy-related miti-

gation and cross-cutting measures) was EUR 63.2 billion in 2016. The report text provides an analysis

of the total investment volume, except where stated otherwise.

The private sector accounted for 83% of total investment (EUR 52.3 billion); the remaining 17%

originated in the public sector (EUR 10.9 billion). Corporate actors remained by far the largest private

investors (EUR 35.2 billion), followed by households (EUR 17.2). In the public sector, the German gov-

ernment budget played the largest role (EUR 4.2 billion), followed by the EU budget (EUR 2.7 billion).

Germany is characterised by strong public promotional banks at federal level (e.g. KfW, Rentenbank,

sixteen state-level promotional banks, and a large number of commercial banks). Our study indicates

that public banks played a large role in providing means to finance climate-change mitigation

measures and the energy transition. Altogether, they disbursed EUR 32.3 billion to support climate-

specific investment. We were unable to evaluate the role of commercial banks due to the limited avail-

ability of relevant data.

In 2016, both low-cost debt (EUR 32.0 billion) and grants (EUR 4.7 billion) offered by public actors

played an important role in driving climate investment. Due to the lack of data, there is significant

uncertainty around the EUR 26.6 billion delivered through other financial instruments, such as bal-

ance-sheet financing, project-level equity, and market-rate debt.

The sectors that attracted the largest share of investment were the buildings sector (total: EUR

35.1 billion, incremental: EUR 14.6 billion) and the energy generation and transmission sector

(total: EUR 17.1 billion). These sectors are also those with the highest sector-specific targets for GHG

emission reductions by 2030 (BMU 2016a), namely 66–67% for buildings and 61–62% for energy.

However, total investment volumes do not measure effectiveness in actual GHG reductions, and care

should be taken in assessing such volumes in relation to GHG emissions-reduction targets. Other sec-

tors that attracted less climate and energy investment include the agriculture (total: EUR 5.8 billion),

transport (total: EUR 1.1 billion), and industry (total: EUR 945 million) sectors, as well as cross-cutting

measures (total: EUR 3.2 billion).

1 Except for household electrical appliances in the buildings sector, blast furnaces, or newly built power plants used in manufacturing, for which the incremental cost was included in the total investment figure.



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Challenges associated with data availability and format make a comprehensive and unbiased overview

of climate finance in Germany impossible. Future climate and energy investment assessment exer-

cises would benefit from the introduction of systematic tracking procedures for domestic pub-

lic climate finance that covers federal, regional, and local government budgets and climate pro-

grammes implemented by public banks and agencies. Possible approaches to such procedures in-

clude the introduction of climate tagging in public budgets and/or the establishment of annual evalu-

ation procedures. In addition, investment assessments could be improved by evaluating and

streamlining existing private-sector surveys and reporting efforts with the government’s cli-

mate-investment tracking approaches.

There is also a need for further debate on what constitutes climate finance at the domestic level.

The discussion should address how and to what extent climate-related measures such as infra-

structure projects should be accounted for. Similarly, practicable approaches to calculating in-

cremental costs of climate investment, especially in the building sector, should be developed fur-

ther to prevent over- or underestimating related investment. In establishing a comprehensive and

consistent tracking approach for Germany, it will be useful to review the lessons learned from relevant

legislation implemented elsewhere, such as in France, and from the application of climate markers by

the EU Commission.



1. Introduction

1.1. Background and objective of this report

Global climate assessments (IPCC 2014; IPCC 2018) agree that there is an urgent need to change global

patterns of energy production and consumption, land use, and lifestyle to limit warming to 1.5°C rel-

ative to pre-industrial levels. Such assessments have also emphasised the importance of adapting to

impacts from changes in climatic variability and global warming. These changes will require a redis-

tribution of investments towards climate-friendly solutions, as well as an overall increase in such in-

vestment. Even though the European Union (EU) is among the global leaders in energy transition,

meeting the targets of the ‘Clean Energy for All Europeans’ package alone will require the mobilisation

of EUR 11.2 trillion of largely private capital by 2030 (EC 2016a).

As one important element in addressing the investment challenge, the Regulation on the Energy Union

Governance (EC 2016b) requires the EU Member States to design national energy and climate plans

(NECPs) based on a common template. These must include analytical details on current investment

flows to the decarbonisation of Member State economies.

The present report aims to contribute to the discussion of current climate and energy investment in

Germany by assessing the most recent data available, i.e. for the year 2016. The first and last compre-

hensive assessment of such investment in Germany was prepared by Climate Policy Initiative’s (CPI)

Berlin office based on 2010 data (see the German Landscape of Climate Finance, Juergens et al. 2012).

The objective of the present report is to update available information, analyse data and draw conclu-

sions, and then compare these with conclusions from 2010. The objective is also to provide an update

on whether methodological and data challenges associated with such assessments for Germany have

changed since 2010.

1.2. Why is the German case study so interesting?

In 2016, Germany, with roughly 82 million inhabitants, was ranked the 12th richest economy in the

world in terms of GDP per capita (OECD 2018). Germany has won international recognition for its

leadership in the energy transition, a role that dates back to the 1970s, when it introduced energy

efficiency and energy-supply diversification policies. Germany set more ambitious policy goals in 2010

with the adoption of the Energy Concept and Energiewende law (BMWi and BMU 2010): it pledged to

reduce its GHG emissions by 80–95% by 2050 relative to 1990 levels and to carry out a complete

nuclear phaseout.



In 2013, three German political parties (the CDU, CSU, and SPD) came to a coalition agreement defining

the country’s emissions pathway towards these targets. In 2016, the German cabinet adopted the Cli-

mate Action Plan 2030 (BMU 2016a), which presents guiding principles, milestones, and measures for

the whole economy. It sets intermediate country-wide and sector-specific targets for 2030, identified

in Table 1.

Table 1. 2030 targets for sector and total GHG emissions reductions in Germany

Sector Target

Energy - 61 to - 62% Buildings - 66 to - 67% Transport - 40 to - 42% Industry - 49 to - 51% Agriculture - 31 to - 34% Other - 87% Total - 55 to - 56%

Data source: BMU 2016a.

Despite Germany’s leadership in the global energy transition, the targets pose a challenge for the coun-

try. As the table illustrates, it must reduce its emissions by 55–56% by 2030 relative to 1990 levels.

By 2017, Germany had achieved 27.7% of its emissions-reduction target; however, reductions were

negligible between 2014 and 2017 (Figure 1). Primary energy demand followed a similar trend, de-

clining from 2010–2014 but rising again in 2015 (BMWi 2018c). If Germany is to achieve its long-term

decarbonisation targets, additional investment is needed.

Figure 1. GHG emission trends, excluding land use, land use change, and forestry

Source: UBA 2018a.

751

563

375

427333 313

284

193200

164

166168

132

89 93

79

67 66

1 251

911 907

0

200

400

600

800

1.000

1.200

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1990 1995 2000 2005 2010 2015 2017 Ziel2020

Ziel2030

Ziel2040

Ziel2050

Energy Industry Industry Transport HouseholdsCommercial/Institutional Agriculture Waste and Waste Water Other Emissions

substantial GHG

neutrality

Target Target Target Target

Million tCO2-eq.



1.3. Research output, questions, and structure

The main output of this report is a climate and energy investment map (CEIM). The CEIM identifies

the actors investing in climate-change mitigation and the energy transition in Germany in 2016, as

well as the amount that they invested, the financial intermediaries and instruments that played key

roles in this process, and the sectors and types of technological installations that absorbed these in-

vestments. The map replicates the concept of the ‘Landscape of Domestic Climate Finance’ (see section

2.1). Where possible, our analysis compares current conditions for investment in climate and energy

investment with those of 2010. In addition, we discuss the status of climate- and energy-investment

tracking in the country.

Specific questions addressed in this report include:

• How much capital was invested in climate and energy transition measures in 2016?

• Who were the main investors?

• What financing instruments were the most common?

• Which sectors and type of technological installation were financed?

• Do the methodological and data challenges observed in 2010 continue to exist or have these

been overcome?

This report consists of three chapters. Following this introduction, chapter 2 introduces the analytical

and methodological framework for the CEIM; chapter 3 discusses selected results; and the conclusion

summarises key findings of our assessment. Annexes provide details on the input data, assumptions,

and references for the evaluation.



2. Methodology

2.1. Analytical framework

The principal output of this report is a climate and energy investment map (CEIM) for Germany. In

this report, climate and energy investment is defined as spending by public and private actors for gross

fixed capital formation (GFCF) that leads to a GHG emissions reduction in line with the German Climate

Action Plan 2050 (BMU 2016a). According to EUROSTAT guidelines (ESA 2010), GFCF covers expend-

itures to acquire physical assets, such as buildings and transport infrastructure. This report also tracks

expenditures for durable goods acquired by households that are not covered by GFCF, e.g. individual

vehicles. In addition, it assesses expenditures by public actors to support climate-friendly activities

(e.g., climate-friendly land management).

The map represents climate and energy investment flows – from the sources of capital and the rele-

vant intermediaries, through the instruments used, and ultimately to the recipient sectors. The con-

struction of the diagram uses a bottom-up approach, tracking investment at a technology level and

aggregating it at sector and then country level. The map identifies the type of actors who invest, the

amount they invest, the sectors and types of technological installations that absorb these investments,

and the intermediaries and financial instruments that facilitate these flows.

The approach to tracking climate finance flows was introduced in 2011 by CPI, which tracked these at

global level using the Landscape of Climate Finance diagram (Buchner et al. 2011). As discussed in the

introduction, CPI tracked climate finance flows in 2010 in Germany, developing the global approach

into a framework suitable for analysing national-level data at a meaningful level of sectoral disaggre-

gation (Juergens et al. 2012). Following Germany’s know-how, the Institute for Climate Economics

(I4CE) adopted and further developed the approach to track climate investment for France on an an-

nual basis, beginning in 2011 (Hainaut et al. 2018). The CEIM represented in this report mirrors the

landscape method applied for Germany in 2012, updating these findings with the most recent data

and analysing differences between these financial flows and 2010 volumes.

2.1.1. Sources of investment

The CEIM differentiates public and private sources of investment. Public sources include spending

from the EU budget through EU funds, including the European Agricultural Fund for Rural Develop-

ment (EAFRD), European Agricultural Guarantee Fund (EAGF), European Energy Programme for Re-

covery (EEPR), European Regional Development Fund (ERDF), and Connecting Europe Facility (CEF).

Other public sources are national government budgets, including those at federal, regional, and local



levels. Spending by these entities takes two forms. It can be rendered as a direct investment in low-

carbon public assets (e.g. investment in energy efficiency and renewable energy generation deployed

in municipal buildings) or as public finances provided to private and public actors as a financial incen-

tive to invest (e.g. grants to purchase electric cars).

Private sources of investment include households and corporate actors in agriculture and forestry,

energy generation and infrastructure, mining and quarrying, manufacturing industries, water supply,

etc. (For sector definitions, see section 2.1.4.).

The CEIM excludes German public expenditures for GHG mitigation executed in other countries and

private foreign direct investments in Germany.

2.1.2. Intermediaries

Intermediaries enabling investment in climate mitigation are government actors, public financial

institutions, and commercial financial institutions. Government actors are federal states, federal

ministries, and government agencies, such as the Federal Office for Economic Affairs and Export Con-

trol (BAFA). Public financial institutions include the European Investment Bank (EIB), Kreditanstalt

für Wiederaufbau (KfW), Rentenbank, and financial institutions of federal states [Länder], or LFIs (see

Annex 6 for a complete list). Commercial financial institutions represent different actors, such as com-

mercial banks, pension funds, and investment funds. These play an important role in financing climate

mitigation, but we did not quantify flows supported by them.

2.1.3. Financial instruments

This report covers a wide range of financial instruments that support investment in climate mitigation,

namely grants, concessional loans, project-level market-rate debt, balance-sheet financing

(debt), balance-sheet financing (equity), and project-level equity.

In keeping with the methodology used in the Landscape of Climate Finance in Germany 2010 (Juergens

et al. 2012), we tracked only primary investment flows, e.g. the resources available to investors at the

time when they had to cover their capital expenses or resources that they could reliably call in to cover

their expenses immediately after the expenses were incurred (I4CE 2019). For this reason, we ex-

cluded risk-management instruments, such as guarantees, the cost of capital or debt repayments, re-

payment grants, feed-in tariffs, or green bonds issued in Germany, although these can play an im-

portant role in enabling investment in climate mitigation. Accounting for these flows would lead to an

overestimation of climate and energy investments and may result in double-counting. For the defini-

tion of financial instrument mentioned, see the recent version of CPI’s Global Landscape of Climate

Finance (Buchner et al. 2017).



2.1.4. Recipients

In the CEIM, we associate specific climate-mitigation technologies with each of six sector recipients,

including energy generation and infrastructure, industry, buildings, transportation, and agriculture

(including waste). The sectors were defined according to energy balances of Germany (AGEB 2017),

the Federal Statistical Office classification WZ2008 scheme (Destatis 2007) and assumptions, as pre-

sented in Table 2.

Table 2. Sector delineation

Sector Sector boundaries

Energy generation and infrastructure

Covers technologies and practices implemented by WZ2008 classes D ‘Elec-tricity, gas, steam, and air conditioning supply’, but focusses primarily on D35.1 ‘Electric power generation, transmission, and distribution’. We account for the deployment of renewable energy technologies as well as infrastructure for the transmission and distribution of gas and electricity from renewables.

Industry Covers technologies and practices implemented by WZ2008-B (mining and quarrying) and WZ2008-C (manufacturing industry), including the deploy-ment of renewable energies, energy efficiency, activities that reduce emissions from industrial processes, and the use of solvents and other products such as pesticides, lubricants, waxes, and paraffins.

Buildings Covers technologies and practices implemented in and at buildings that belong to households, public, and commercial actors. The latter largely corresponds to classes WZ2008-F to WZ2008-S (Destatis 2007). Office buildings of the en-ergy, industry, and agriculture sectors are included here, while their barns and production facilities are not. We account for such investment as thermal effi-ciency improvement of building envelopes, installations of energy efficient building systems, installation of building-integrated renewable energy sys-tems in buildings, and energy-efficiency improvement of appliances and equipment.

Transport Covers investment in infrastructure such as bike tracks, modal shift (from road to rail), and low-emission modes of transport, such as electromobility and re-duced fuel consumption, e.g. by lowering rolling resistance or low-emission motors.

Agriculture in-cluding afforesta-tion

Covers technologies and practices implemented by WZ2008 class A (Agricul-ture, forestry and fishing), including all of agriculture, but excluding fisheries and forestry-related practices except afforestation.

Others incl. cross-cutting and waste

Covers technologies and practices that cannot be clearly attributed to any of the sectors above; this includes investment supported by KfW schemes not clearly associated with the above classifications. In addition, investments by WZ2008 class E (Water supply; Sewage and waste disposal and removal of environmental pollution) are reflected here.

In the CEIM diagram, investment in the sector recipients was further grouped according to three types

of technological installations, namely renewable energy, energy efficiency, and others. Annexes 1–6



provide information on all investment flows identified by our assessment, with a detailed breakdown

by sector and technology.

2.2. Scope and boundaries

2.2.1. Temporal scope

This report tracks climate and energy investment that were disbursed in 2016, not the investments

that were planned or committed for that year. As of today, 2016 is the most recent year for which

energy statistics, audited public budget expenditures, annual reports of financial institutions, and

monitoring reports of public subsidy programmes are available.

2.2.2. Investment scope: specific versus related

This report relies on the differentiation between climate-specific and climate-related investment used

in Juergens et al. (2012). For the purpose of this analysis, these categories are defined as follows:

• Climate-specific investment has energy transition and/or climate change mitigation as its pri-

mary objectives, and it targets or results in GHG emission reduction and/or an increase in car-

bon sinks.2 Examples are renewable energy investments to replace fossil fuels or energy-effi-

ciency investments to reduce the use of fossil fuels.

• Climate-related investment does not have energy transition and/or climate-change mitigation

as its primary objective or effect, but it targets activities that deliver co-benefits in terms of

GHG emissions reduction and/or an increase in carbon sinks. One example is investment in

organic farming, which can lead to an increase in soil carbon storage and a reduction in nitrous

oxide (N2O) emissions.

For our report, we included climate-specific investment in full and climate-related investment in part,

either by extracting the climate-specific components of a climate-related budget line or investment

programme, or by applying a scoring strategy, such as the use of climate markers recommended as

part of the common methodology for tracking and monitoring climate expenditure in 2014–2020 for

the European Structural and Investment Funds (see Box 1 below).

2 The definition of climate-specific investment used in the literature (OECD 2016) and by the European Com-mission (EC 2014) includes investments targeting adaptation to climate change. While adaptation investment is outside the scope of the present report, the lack of differentiation (between mitigation and adaptation) in the EU’s tracking approach has also been criticised by the ECA (European Court of Auditors 2016). The authors of this report share this criticism, as climate adaptation and mitigation are different policy objectives; corre-sponding investment should therefore be tracked separately, as the normative justifications vary for each at a given jurisdictional level.



2.2.3. Investment scope: tangible versus intangible

As explained in section 2.1.1, we tracked only tangible energy and climate investment, such as invest-

ment in material assets (e.g. machinery, equipment, infrastructure, or buildings). Actors may also

spend money on intangible measures, often referred also to ‘soft’ measures, such as research and de-

velopment, including feasibility and preparatory studies, information campaigns, training, and capac-

ity-building activities. Due to time constraints, such spending was not included in this report. Where

a programme included tangible and intangible components, we accounted only for the tangible com-

ponents; if the components were impossible to separate, the programme was excluded from our cal-

culation.

2.2.4. Investment scope: total versus incremental

For this report, we tracked total capital investment for all investment flows rather than incremental

cost, with two exceptions. The incremental cost reflects the additional expenditure necessary to invest

Box 1. Climate markers for tracking climate-related expenditures of EU funds

In 1998, the Development Assistance Committee (DAC) of the Organisation for Economic Co-operation and De-velopment (OECD) introduced ‘Rio markers’ to monitor and systematically track finance flows relevant to the Rio Conventions on biodiversity, desertification, climate-change mitigation, and adaption.

In 2014, the European Commission adopted a climate-marker system based on Rio markers to identify the cli-mate-relevant share of 2014–2020 disbursement from the European Structural and Investment Funds. Climate mitigation can be a ‘principal’, ‘significant’, or ‘untargeted’ objective of policy action, which is then accounted for as 100%, 40%, or 0% climate-relevant. A descriptive table with sectoral examples of how to score against the markers has been published by the Commission and the OECD-DAC (EC 2014, pp. 29–30; OECD 2016, pp. 61–81). Recently, the European Court of Auditors (ECA) published an assessment of the EU’s approach to tracking the 20% climate-finance target in the EU’s multi-annual financial framework (MFF) and identified considerable room for improvement, not least in relation to the application of climate markers. The ECA iden-tified a significant number of challenges to be addressed for the next MFF in a much-needed reform of the EU’s tracking approach (European Court of Auditors 2016).

We applied the climate-marker methodology to track the disbursement of Connecting Europe Facility (CEF) funding in the energy and transport sector; the agricultural funding schemes of the European Agricultural Guarantee Fund (EAGF) and the European Agricultural Fund for Rural Development (EAFRD); and the dis-bursement of the European Regional Development Fund (ERDF) in the transport and energy sector. Our ap-proach follows the application of climate markers in the European budget reports and the Commission’s publi-cation of an explicit methodology for climate tracking in the 2014–2020 disbursements from the European Structural and Investment Funds.

We also followed this methodology to track climate-specific finance under the funding schemes of the Euro-pean Energy Programme for Recovery (EEPR) in the energy sector. Climate markers were derived from rele-vant fields of the table provided in the common methodology for climate expenditure tracking of the European Commission (EC 2014).



in low-carbon technology instead of a business-as-usual practice, while total capital investment re-

flects the full cost of a technology or practice. The flows for which we tracked only the incremental

cost represented investment in energy-efficient electrical appliances used in the building sector, as

well as in energy-efficient blast furnaces and newly built power plants in the industrial sector (see

Table 3).

Table 3: Summary of investment and cost delineations

Climate-specific investment Climate-related investment

Incremental cost Total capital investment

Incremental cost

Total capital investment

Tangible

Building sector: energy-efficient electric appli-ances, thermal efficiency in new and existing buildings* Industry sector: energy-efficient blast furnaces and newly built power plants

Energy sector: renewable energy generation and re-lated transmission grids and distribution networks

Industry sector: renewable energy; energy and process efficiency

Agriculture/ forestry sec-tor: renewable energy, non-land-based agricul-tural CO2 mitigation and agri-environmental prac-tices marked as climate rel-evant by the European Commission

Transport sector: electro-mobility, fuel switch, and sustainable transport infra-structure

Building sector: thermal ef-ficiency* and renewable energy integrated in new and existing buildings

Transport sector: public transport, including rail-ways, cycle tracks, and road transport (in-cludes CEF) Agriculture: sus-tainable farming practices, such as organic farming methods

Intangible Policy development, Research and Development (R&D), information policies, training and capacity-building, land management

Covered in this report Not covered in this re-

port *Both total and incremental investment was estimated for energy-efficiency investment in new and existing build-ings.

As in the 2010 report (Juergens et al. 2012), we also calculated the incremental share of energy-effi-

ciency investment in buildings. Construction of new buildings and retrofit of existing buildings imply



the use of many non-energy-related technologies and practices (e. g. painting, and plastering), as well

as a high share of business-as-usual construction or retrofit costs (e.g. the cost of a double-glazed typ-

ical window instead of an efficient triple-glazed window). The total investment cost of building con-

struction and retrofits will therefore overestimate actual efforts towards energy transition. In other

sectors, an estimate of total investment could be useful, particularly over time, e.g. to understand the

learning cost curve and make market projections for individual renewable energy installations.

Box 2 provides details on how we calculated the incremental investment into the thermal efficiency

improvement of existing and new buildings. The estimate of this flow should be treated with caution

due to the very limited time available for calculation.

2.2.5. Overview of changes to the analytical framework and methodology

Our assessment applied the same analytical framework and methodology described in Juergens et al.

(2012). However, some changes were necessary to improve the readability of this report and to ac-

count for the data limitations described in Table 4 and the next chapter.

Box 2. Incremental investment in the building sector

In this report, the incremental share of investment in the construction of a new building or the retrofit of an existing building refers to the additional investment made to improve the building performance that is beyond that defined by the 2016 minimum energy performance standard for buildings.

Construction of new buildings The estimate is relevant to the construction and first purchase of new buildings supported by a range of KfW programs. The same assumption was used to calculate the incremental share of energy-efficiency investment for building-related equipment and systems installed in existing buildings and supported by BAFA programs. The 10% share of incremental investment in its total volume was derived from an analysis conducted by the Institute for Housing and Environment (Institut Wohnen und Umwelt (IWU)). The institute calculated addi-tional energy-relevant retrofit costs per square metre for buildings that exceed the energy-performance stand-ard required under the German energy-performance ordinance for 2016 (IWU 2016). We multiplied this cost by the average ground-floor area for a new house in Germany (Destatis 2018c) to estimate the additional en-ergy-efficiency-related investment per new house. Dividing the latter figure by the average volume of invest-ment in most typical new constructions or building purchase projects supported by KfW programmes yielded a 10% incremental share of energy-efficiency investment in total.

Retrofit of existing buildings The estimate is relevant to the thermal efficiency retrofits of existing buildings supported by a range of KfW programmes. The same assumption was used to calculate the incremental investment that flowed into the ret-rofit of building-related equipment and systems supported by BAFA programmes. The share of incremental investment in its total volume was estimated at 40% based on a study by the same institute, IWU. The study analysed the costs of energy-relevant building components and building systems in the energetic modernisation of old buildings (Hinz 2015, p.112). The share of incremental investment was cal-culated as a share of the energy-relevant costs of building components, reported as a percentage of the total costs for these components identified in the study. The study provided the costs for two scenarios, high-cost and low-cost; of these, 40% was the average share.



Table 4. Summary of changes to the methodology of the 2010 study (Juergens et al. 2012)

Dimension Change to the methodology

Climate-re-lated spend-ing in the EU budget

In this report, we applied the climate markers for climate-related disbursement to Germany from the EU budget, as discussed in Box 1. This approach differs from that used in the 2012 report.

Sources and intermediar-ies

We renamed and/or eliminated some map categories to increase specificity:

• The actors and entities accounted for remained the same, but we renamed the (German) public budget category of 2010 to the (German) government budget used in 2016.

• We did not quantify investment flows related to capital markets used in 2010, as data were and are limited. Instead, for 2016, we renamed capital markets as commercial financial institutions to make references to related actors more specific, but we did not quantify related financial flows.

• For 2016, we did not quantify foreign direct investment in Germany or cli-mate finance ‘leaving’ the country, such as through overseas development assistance (ODA), foreign direct investment (FDI) abroad, or contributions to budgets of multilateral organisations or carbon markets (Emission Trading Scheme – ETS revenues), or contributions from philanthropy, which were included for 2010.

Instruments

We also renamed certain categories of financial instruments:

• The name of the debt category was changed to project-level market-rate debt.

• The equity category was split into the following categories: project-level eq-uity (covering household and government actors’ investments in their own assets, e.g. buildings or cars, while also reflecting corporate share); balance-sheet financing (debt); and balance-sheet financing (equity). For 2016 data, the consolidation of these three instruments into one equity category may have misrepresented the importance of equity.

Disburse-ment chan-nels

We excluded this dimension from this report. While highlighting their role as an important element in mapping the flow of climate and energy investment, we did not quantify the contributions made through specific disbursement channels in the 2012 analysis, as no comprehensive or systematic data on these aspects were available.

Recipient sectors

In this report, we included investment in non-residential buildings under ‘Build-ings’ instead of consolidating it into ‘Industry, Tertiary, Transport’ as in Jürgens et al. (2012).

We introduced a new recipient sector, ‘Cross-cutting/others’, which encompasses all climate-mitigation investments that cannot be attributed to one specific sector, and WZ2008 class E (‘Water supply’; ‘Sewage and waste disposal and removal of environmental pollution’).



2.3. Data sources used, data analysis, and limitations

In order to quantify 2016 climate and energy investment for Germany, we relied on data sources sim-

ilar to those used in Jürgens et al. (2012). It should be noted that, in 2016, we benefited from new

climate-finance tracking methods, e.g. the climate markers applied to the spending in the EU budget.

In addition, certain key data sources were no longer available, e.g. data on finance from the National

Climate Initiative (NKI) and data on private fuel-switch investment in the energy sector.

In identifying and tracking 2016 climate and energy investment in Germany, the main challenges were

as follows (see Jürgens et al. 2012):

• The German government at all levels – from national to local – does not systematically track

national budget contributions to climate-specific activities.

• Although there are surveys on annual climate-investment volumes from corporate actors in

some sectors, quantifying the climate investment of the entire private sector is difficult.

• Tracking which financial instruments are used by whom for climate-specific activities is espe-

cially challenging.

The following sections address the sectoral data used in 2016 compared to 2010; the difficulties asso-

ciated with the analysis; and the elements needed to prepare a systematic climate and energy invest-

ment map.

2.3.1. Energy generation and infrastructure

Energy infrastructure: As in 2010, the largest share of energy-infrastructure investment data was

derived from reports by the Federal Network Agency (BNetzA) and was treated under the same as-

sumptions as in 2010 for both the electricity and natural gas sector. In both 2010 and 2016, finances

provided by EU funds, and investments supported by them, were estimated based on annual imple-

mentation reports of German Länder, expenditure reports on EU funds, and email communications. As

discussed in Box 1, climate markers were applied to these figures in this report (100% for renewable

energy infrastructure).

Renewable energy generation: In both 2010 and 2016, the total investment in renewable energy

generation across the whole economy was derived from the statistics of the Renewable Energy Agency

(EEA 2018). In both reports, this volume was broken down into sectors based on the ownership struc-

ture of renewable energy installations provided in the public domain by trend:research. (For further

details, see Annex I on assumptions in the energy generation and infrastructure sector.)



The Federal Statistical Office (Destatis) estimates investment by energy supply companies in energy

efficiency, renewable energy, and other, non-energy-related measures that lead to a reduction in GHG

emissions (Destatis 2018a). The latter estimate represents much lower financial volumes than that

estimated using the Renewable Energy Agency and trend:research data and was excluded from our

investment map. We assumed that this difference resulted from a variation in methodology, reporting,

and/or coverage.

Energy efficiency: In contrast to 2010, the 2016 investment in fuel switch (coal to natural gas), bio-

mass co-firing, or retrofit/upgrade of power technologies could not be calculated due to limited infor-

mation for the year 2016. For this report, despite our best efforts, we were unable to locate reliable

information on investments by the ‘big four’ German energy generators (RWE, EON, Vattenfall, and

EnBW) that would be comparable to the 2010 data.

2.3.2. Industry

Energy efficiency, renewable energy, and non-energy-related mitigation installations: The 2010

and 2016 reports both used the same statistics from the Federal Statistical Office for the industry sec-

tor, i.e. investment by mining/quarrying and manufacturing companies in energy efficiency, renewa-

ble energy, and other, non-energy-related measures that lead to a reduction of GHG emissions (Desta-

tis 2018a). We assumed that finances provided by BAFA programs for energy-efficiency improvement

in the industry sector, and investment supported by these programmes, were already included in the

Destatis statistics.

As described in the previous section, the investment in renewable energy generation for all sectors

and investors was estimated based on EEA (2018) and trend:research data. The latter estimates the

renewable energy share for the industry and commercial actors combined. We assumed that the share

of this volume representing investment in the industrial sector was reflected in the statistics of Desta-

tis (Destatis 2018a), as discussed in the previous paragraph, while the remainder went to the com-

mercial sector (i.e. the commercial building sector, according to our methodology).

Overall, the estimate of the renewable energy investment in the industry sector derived from Destatis

is unexpectedly small compared to that of other sectors for which other data sources were used. How-

ever, these national statistics were the best available source of information on climate investment by

industrial actors and allowed for year-over-year intra-sector comparison. Therefore, despite our use

of this official source of statistical data, we acknowledge that it could produce a conservative estimate.



2.3.3. Buildings

Energy efficiency in new and existing buildings: In both 2010 and 2016, we estimated this flow as

investment supported by KfW and BAFA programmes based on annual reports of these organisations.

We tracked both the total investment volume supported by these programmes and its incremental

share, as described in Box 2. For KfW products supporting both energy-efficiency improvement and

renewable-energy integration in buildings (KfW-Effizienzhaus), we assumed that 90% of the invest-

ment volumes flowed to energy-efficiency technologies. The incremental share of energy-efficiency

investment for 2010 was estimated based on considerations similar to those in the present report;

however, its value was different.

Renewable energy integrated into buildings: Similar to energy efficiency investment volumes, we

estimated the total renewable energy investment supported by KfW and BAFA based on their annual

reports in both 2010 and 2016. In addition, as for KfW products supporting both energy-efficiency

improvement and renewable-energy integration in buildings, we assumed that 10% of the investment

volumes flowed into building-integrated renewable energy technologies. The remaining investment

in building-integrated renewable energy was derived from the Renewable Energy Agency and

trend:research data, as discussed in sections 2.3.1 and 2.3.2. (The investment supported by KfW and

BAFA was subtracted to avoid double-counting.)

Efficient appliances and equipment: The estimates of investment in efficient appliances were cal-

culated in both 2010 and 2016 using the same methodology. The actual investment should be much

higher, however, because only a limited number of appliances were covered in both reports.

2.3.4. Transport

Purchase of energy-efficient cars: The approach in the 2010 report – i.e. to calculate incremental

investments in energy-efficient cars – was not applicable to the 2016 report due to the concentration

of total investment volumes. Instead, the purchases of electric cars derived from a detailed report by

BAFA were used to calculate accurate private investments in e-mobility.

Hydrogen and fuel-cell technology: Data from NOW GmbH about investments in e-mobility model

regions available in detail in 2010 were lacking in 2016 and therefore not fully replicable. In 2016, we

derived the data at project level for all projects resulting in tangible assets (e.g. electric busses, charg-

ing infrastructure). Further details on the assumptions made are provided in Annex 4.



Energy-efficient street lighting: In contrast to 2010, investments in the energy efficiency of public

street-lighting infrastructure could not be calculated in 2016 because of data missing from the Na-

tional Climate Initiative (NKI), which was coordinated by the Federal Ministry for the Environment,

Nature Conservation and Nuclear Safety (BMU).

Infrastructure: In 2016, we calculated the climate-specific share of disbursement for transport infra-

structure from EU funds, applying the climate-marker share of 40% (as discussed in Box 1) to all cli-

mate-relevant budget lines, except those for road and air transport. We did not include disbursement

from the national government in the investment map because it could only be labelled as climate-

related, and we did not have an established methodology for calculating a climate-specific share.

If the climate-marker approach used to track climate expenditure in the EU budget were also applied

to the German government budget, the climate-specific investment in sustainable transport infra-

structure would amount to EUR 2.5 billion (i.e. 40% of the total climate-relevant investment of EUR

6.3 billion). Application of the climate-marker approach to sustainable infrastructure investment at

national level could be especially helpful in solving the challenges associated with estimating the share

of climate-specific investment in railway-infrastructure spending, which represents a significant vol-

ume. Overall, transport infrastructure investment makes up a major share of expenditure in the gov-

ernment budget, but the calculated portion of climate-specific investment cannot be allocated in the

present report and therefore reflects only a conservative estimate of the actual investment volume.

2.3.5. Agriculture

Agri-environmental measures and non-land-based agricultural mitigation practices:

In 2016, we used EAFRD summary statistics on allocated funding for Germany that were broken down

into climate-related and climate-specific measures and published by the Federal Ministry of Food and

Agriculture (BMEL). In 2010, such statistics were not available, and we extracted climate-related and

climate-specific budget lines to the best of our knowledge.

Another difference between our 2010 and 2016 reports is that, in 2016, we applied the climate mark-

ers to estimate the climate-specific share of the disbursement of EU funds, as discussed in Box 1. Thus,

to account for climate-specific direct payments from EAGF to farmers, we used the climate markers as

they were applied to payments for agricultural practices benefiting the climate and environment in

the European Commission’s 2016 Draft General Budget (item 05 03 01 11) (EC 2015b). Climate-spe-

cific shares from the EAFRD were also derived from climate markers based on the explicit methodol-

ogy for climate tracking used by the Commission for all European Structural and Investment Funds



(EC 2015a). The climate markers were not yet in use by the European Commission at the time of the

2010 study.

It should be noted, however, that the allocation of climate-specific spending under the EAFRD has been

criticised by the European Court of Auditors (2016) for overestimating climate-specific investment

due to the full incorporation of priority areas P4 (‘Restoring, preserving and enhancing ecosystems

related to agriculture and forestry’) and P5 (‘Promoting resource efficiency and supporting the shift

towards a low-carbon and climate-resilient economy in the agriculture, food and forestry sectors’).

Both priorities were included with a 100% climate marker as climate-specific, although climate miti-

gation is not a principal or even secondary objective of all measures covered (e.g. measure M13 under

priority P4: ‘Payments for areas disadvantaged for natural or other specific reasons’).

Energy efficiency: Data used in 2010 to calculate agricultural energy-efficiency investments under

the BMU’s National Climate Initiative (NKI) were not available for 2016 and therefore could not be

incorporated into this report.

Renewable energy: In both 2010 and 2016, we used the Rentenbank annual report to estimate re-

newable energy investment in the agriculture sector supported by Rentenbank programmes. The total

investment by farmers and households in renewable energy installations in the sector, including the

investment supported by Rentenbank, was derived from the Renewable Energy Agency and trend:re-

search data, as discussed in section 2.3.1.

Overall, a definition of climate-relevant agricultural support is missing at national level and is an im-

portant element to incorporate into future climate-finance maps.

2.3.6. Summary of data available for 2010 and 2016 reports

Table 5 presents an overview of the available data for 2010 and/or 2016 reports. The table indicates

that the availability of national-level data has not improved over the past six years. Datasets do not

cover all sectors of the economy comprehensively; underlying definitions are not consistent. As the

analysis can only be as good as the input data, the availability of data for the preparation of climate

and energy-investment maps remains a challenge for Germany.



Table 5: Availability of sectoral data by technology in 2010 and 2016

Sector Source of data Availability in 2010 Availability in 2016

Energy BNetzA annual report on invest-ment in energy-sector infra-structure

Yes Yes

Disbursements from the CEF-E for energy-sector infrastructure

No Yes

Data of Renewable Energy Agency on total investment vol-ume in renewable energy gener-ation

Yes Yes

Breakdown of renewable energy investment by sector

No No

Breakdown of renewable energy installations by owner from trend:research reports

Yes Limited information (full information is only available for pay-ment)

KfW and BAFA annual reports on its disbursements for renewable energy

Yes, but the support is not split by investor type


Energy-efficiency investment at national level without KfW/BAFA support

No No

Agriculture BMEL statistics on EAFRD dis-bursements and respective cli-mate markers

No Yes

Reporting on EAGF disburse-ment applying EU climate mark-ers

No Yes

BMU calculation of agricultural energy-efficiency investments supported by NKI

Yes No

Renewable energy investments No, but to some extent could be derived from the trend:research re-ports

No, but to some extent could be derived from the trend:research re-ports

Energy-efficiency investment without the support of EU funds

No No

Transport BAFA’s annual report on private investments in eMobility sup-ported by BAFA

Incremental cost de-rived from different source

Yes

Data from the NOW GmbH on in-vestment into hydrogen and fuel cell technology

Yes No

BMU reporting of investment into energy-efficient street light-ing supported by NKI

Yes No

Disbursements for transport in-frastructure from the EU Funds and respective climate markers

No Yes



Sector Source of data Availability in 2010 Availability in 2016 Disbursements for infrastruc-

ture from the government budget: no established national methodology to assume a cli-mate-specific share of invest-ment

No No

KfW annual report on its dis-bursements for energy efficiency and other technologies



Buildings KfW and BAFA annual reports on their disbursements for energy efficiency and renewable energy integrated in buildings



Total private and/or public in-vestment in energy-efficiency of new and existing buildings

No No

Total renewable energy invest-ments integrated in buildings



Sales of appliances and equip-ment by efficiency class: GfK and/or Topten data

Yes, but only for three types of appliances (2009 data)

Yes, but only for three types of appliances (2015 data)

Industry Investment in renewable energy, energy efficiency and non-en-ergy-related mitigation measures: Destatis 2018a

Yes Yes

BAFA annual reports on its dis-bursements for energy efficiency

Yes Yes



3. Results

Figure 2Error! Reference source not found. presents the 2016 climate and energy investment map

for Germany. The map reflects both total capital investment3 (all flows except grey) and incremental

investment (grey flows). The incremental investment represents the additional expenditure necessary

to invest in low-carbon technology instead of a business-as-usual practice, while total capital invest-

ment reflects the full cost of a technology or practice. The map includes only climate-specific tangible

investment, i.e. energy-efficient equipment, infrastructure, buildings, and renewable energy technol-

ogies targeting or resulting in GHG emission reduction and/or an increase in carbon sinks. Soft

measures (i.e. research and development, information campaigns, and policy development) play a key

role in driving the energy transition and climate-change mitigation but were excluded from our anal-

ysis. All investment flows tracked for this report represent actual disbursements in 2010 rather than

those planned and/or committed for that year.

With regard to the climate-specific investment flows that we were able to trace as defined above, we

observed a 16% increase in the volumes in 2016 (EUR 42.7 billion) relative to 2010 levels (EUR

36.7 billion). These volumes reflect the incremental investment share for energy efficiency (EUR 8.5

billion), the total investment cost for renewable energy deployment (EUR 25.0 billion), and the total

investment cost for non-energy-related mitigation and cross-cutting measures (EUR 9.3 billion). Com-

pared to 2010 investment, the volume flowing to renewable energies decreased by 6%, while the

volume flowing to energy efficiency increased by 18%.

We also calculated total investment in energy efficiency (EUR 29.0 billion) for 2016, in addition to the

incremental share in investment cost reflected in the comparison above (EUR 8.5 billion). Total in-

vestment across all technologies (including energy efficiency, renewable energy, and non-energy-re-

lated mitigation and cross-cutting measures) amounted to EUR 63.2 billion in 2016. The text below

provides an analysis of the total investment volume except where explicitly stated otherwise.

3 Except for household electrical appliances in the buildings sector, blast furnaces, and newly built power plants used in manufacturing, for which the incremental cost was included in the total investment figure.



Figure 2. The 2016 Climate and Energy Investment Map (CEIM) for Germany (in billions of euros)

Not

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3.1. Sources of finance

Of the total investment, private and public sources provided 86% (EUR 52.3 billion) and 14% (EUR

10.9 billion), respectively (see Figure 3). Therefore, as in 2010, the private sector remained by far the

largest investor in climate mitigation and the energy transition in Germany in 2016.

Figure 3. Public and private climate and energy investment by sector in 2016 (in billions of euros)

3.1.1. Public sources

In 2016, the EU funds contributed EUR 2.7 billion in the form of grants to climate-specific investment

in the energy, transport, and agriculture sectors. Relevant grants included:

• European Agricultural Fund for Rural Development (EAFRD) support of EUR 1.2 billion for

agri-environmental measures and non-land-based agricultural GHG mitigation practices. The

government of Germany co-financed these measures with another EUR 1.2 billion;

• European Agricultural Guarantee Fund (EAGF) support of EUR 1.1 billion for agri-environ-

mental measures;

• European Regional Development Fund (ERDF) support of EUR 26.0 million for low-carbon in-

frastructure in the transport and energy sectors. The government of Germany co-financed

these measures with another EUR 17.3 million;

• European Energy Programme for Recovery (EEPR) disbursement of EUR 10.0 million for re-

newable energy infrastructure, co-financed by EUR 27.8 million from corporate actors;

• Connecting Europe Facility (CEF) support, under the umbrella of the Trans-European Network

(TEN) strategy, amounting to EUR 450.6 million for sustainable transport and energy infra-

structure.

-10 -5 0 5 10 15 20 25 30 35

Industry

Transport

Others

Agriculture

Energy

Buildings

billion EUR

Private Public Private (∆ total investment) Public (∆ total investment)



Of the total federal government budget expenditures of EUR 317 billion (BMF 2017), expenditures for

environmental protection and measures with an environmental impact (including expenditures for

climate protection, nature conservation, nuclear safety and radiation protection) accounted for EUR

8.7 billion (BMU, 2016b). Of this amount, according to our analysis of the federal government budget,

the German government disbursed EUR 4.2 billion to finance or support the financing of climate-spe-

cific technologies and practices in 2016:

- Direct investments in public assets, e.g. retrofits of public buildings or purchase of hybrid cars,

accounted for EUR 1.3 billion.

- In addition, the German government supported climate-specific investments via grant pro-

grammes run by a range of government actors, e.g. BAFA (EUR 0.3 billion), or grant/ conces-

sional loan programmes run by public banks, e.g. KfW (EUR 1.4 billion).

- The German government providing co-financing of EUR 1.2 billion to programmes supported

by the EU funds.

3.1.2. Private sources

In the private sector, corporate actors contributed the largest share of investment (EUR 35.2 billion),

followed by households (EUR 17.2 billion). More than half of the investment covered by our analysis

was supported by programmes of public intermediaries (e.g. KfW, BAFA, and Rentenbank) that offered

low-cost debt in the form of concessional loans and grants.

3.2. Intermediaries

Germany is characterised by strong4 public promotional banks at federal and regional levels, e.g. KfW,

Rentenbank, sixteen state-level promotional banks (Landesförderinstituten, or LFIs5), and a large num-

ber of small commercial banks, leading to low concentration in the banking sector. Public banks played

a large role in providing means of financing climate-change mitigation and energy transition. In total,

they disbursed EUR 32.3 billion to support climate-specific investment.

4 Indeed, Germany had the lowest Herfindahl index with 277 (range 0 – 10,000) in the EU-28 (average 1122) in 2016 (ECB 2018). The index refers to the concentration of banking business (based on their total assets). 5 A full list in included in Annex 6.



3.2.1. European Investment Bank

The European Investment Bank (EIB) allocated EUR 2.2 billion to climate action in Germany in 2016.

It supported the projects of public and private actors in the areas of research, development, and inno-

vation; transport; and energy efficiency (EIB 2016a). Because the EIB did not report on the actual dis-

bursements for climate action, this amount is not included in our investment map.

3.2.2. KfW (Kreditanstalt für Wiederaufbau)

According to our analysis, in 2016, Kreditanstalt für Wiederaufbau (KfW) provided over EUR 30.0 bil-

lion in concessional loans and at least EUR 0.4 billion in grants to support the total climate-specific

investment by households, companies, and public entities. Of this, EUR 14.7 billion was the KfW land-

ing volume that contributing to the incremental climate-specific investment. That represented a slight

increase as compared to the 2010 volume that was EUR 14.1 billion (Juergens et al. (2012)). Therefore,

the bank remained by far the main climate-finance provider in the country. According to our analysis

of the federal budget, KfW received EUR 1.4 billion from the German government as programme sup-

port.

Whereas KfW programmes typically offer concessional loans in combination with a repayment grant

[Tilgungszuschuss], the volume of these grants is not reflected in our calculation. The repayment grant

represents a particular percentage of the loan value paid by the end of the project if it achieves a cer-

tain, ex-post verified energy performance level. This grant element plays an important role in support-

ing investment by public and private actors; however, because our study only considers disburse-

ments for the purchase or implementation of climate-specific technologies in a single year, assessment

of these is outside the scope of our methodology.

It is important to note that KfW works and reports according to its sustainability framework combin-

ing social, economic, and ecological challenges, which includes the response to climate change. The

numbers presented in this report, however, result from the application of our tracking approach and

may therefore vary from those presented elsewhere. Annex 5 identifies the split of KfW programmes

by investor and by financial instrument in 2016. As shown in the table, the sector receiving the largest

share of financial support was the building sector (75% of total KfW support). In terms of technology

type, energy efficiency and renewable energy received EUR 19.8 billion and EUR 6.4 billion respec-

tively, while the remaining EUR 4.3 billion supported other measures.

3.2.3. BAFA (Federal Office for Economic Affairs and Export Control)

In 2016, the Federal Office for Economic Affairs and Export Control (Bundesamt für Wirtschaft und

Ausfuhrkontrolle (BAFA)) provided EUR 293 million in grants, supporting the market uptake of re-

newable energies in the heating market, optimisation of pumps and heating systems, conditioner and



refrigerating systems, mini-combined heat and power, and cross-cutting technologies. Households,

companies, and public entities were the beneficiaries of these grants and invested at least EUR 1.1

billion in these technologies, as BAFA issued grants as a percent support of total investment volume.

In addition, BAFA offered subsidised energy advice and audits for renewable energy and thermal effi-

ciency measures, amounting to EUR 7.7 million and EUR 5.8 million respectively (BAFA, 2017). We

acknowledge the importance of those intangible measures, but in keeping with our methodology they

were not included in the investment map.

3.2.4. Rentenbank

Rentenbank, a specialised public bank for the agriculture sector, provided EUR 1.9 billion in conces-

sional loans for climate-specific, tangible investments in Germany in 2016. The programme ‘Energie

vom Land’ [Energy from the countryside], a credit scheme to support renewable energy, made up the

lion’s share of a larger programme (EUR 2.2 billion) promoting sustainable agricultural activities, in-

cluding organic farming practices. Of the EUR 1.9 billion, EUR 1.5 billion were allocated to wind power,

EUR 317 million to biogas, and EUR 81 million to photovoltaic (Rentenbank 2017) used in the agricul-

ture sector.

L-Bank, the public bank of the federal state of Baden-Württemberg, is specifically mentioned in the

report for its joint commitment with Rentenbank to support renewable energy in the agriculture sec-

tor. L-Bank issued EUR 71 million in low-cost debt for environment and consumer protection, sustain-

ability and new energies. L-Bank is refinanced by Rentenbank for ‘Energie vom Land’, and the EUR 71

million is already included in the investment amount for Rentenbank.

3.2.5. Other financial intermediaries

Regional banks (LFIs) channel substantial funding to support climate and energy investments, but

their contribution could not be fully quantified. They use KfW and BAFA programmes for co-financing

and provide additional subnational grants and loans, often further reducing the cost of capital (see

Figure 4). Information on supported investment volumes and measures by LFIs is generally limited

and lacks the detail required for a differentiated assessment of climate finance; as a result, it was not

included in the total estimates. Annex 6 summarises the available data for 2016. Transparent report-

ing (as guidelines or even obligations, considering that these are public institutions) would help quan-

tify the role played by regional banks in climate mitigation and energy transition, which may be sig-

nificant in some regions.



Figure 4. Blending public and private finance under KfW and BAFA programmes

Source: Novikova et al. 2018

Commercial banks are important finance providers and intermediaries across all sectors, but they

do not publish their climate-related finance in sufficient detail (McClellan 2018; Ohlsen and Remer

2018). Therefore, this study was not able to quantify their role in full. Commercial banks are involved

in financing climate mitigation and energy transition in Germany in two respects. First, they are im-

portant ‘channels’ for disbursing and co-financing KfW and BAFA loan and grant programmes for

households and small and medium-sized enterprises (SMEs) (see Figure 4). Second, commercial banks

invest directly, via project debt or equity, in large-scale projects, mostly those related to energy or

infrastructure. However, commercial banks offer financial products for corporate clients, which typi-

cally do not differentiate between climate-specific and business-as-usual investment; these are there-

fore impossible to track.

Institutional investors are increasingly interested in climate investment but are generally risk-

averse in their investment strategies (McClellan 2018; Ohlsen and Remer 2018). Sustainable financial

products, more broadly defined, make up only 3% of the German market but it is expected to rise

(McClellan 2018). There is also a growing trend towards mainstreaming sustainability criteria across

the complete portfolio. However, the definition of sustainability remains very broad (ibid.). Recent

policy developments on the sustainability taxonomy and reporting requirements at EU and Germany

levels may provide more clarity and additional incentives for green financial products and investment.



Among institutional investors, there is no systematic approach to climate finance (McClellan 2018;

Ohlsen and Remer 2018). Renewable energy and sustainable housing are the main asset types fa-

voured by institutional investors. Investment volume in renewable energy infrastructure lags behind:

long payback periods of up to 30 years are not attractive to private investors. Policy support is needed

to make such investment a business case for institutional investors. Furthermore, a decentralised en-

ergy supply and small-scale investments play an important role in the energy transition. To make a

large number of these small-scale heterogenous projects more attractive to institutional investors,

there is a niche opportunity for one or more intermediaries to integrate these into larger, homogenous

project portfolios. For example, the Bulgarian Urban Development Investment Platform blends fi-

nances from the European Fund for Strategic Investment (EFSI) with those of the European Structural

Investment Funds (ESIF) for Integrated Urban Development Plans. Resulting synergies would allow

investments to be financed across a larger pipeline of projects, totalling roughly EUR 360 million. An-

other example is Troisième Révolution Industrielle in France, which combined funds from the EIB

under the EFSI guarantee programme (EUR 20 million) with funding from the ESIF and private

sources to finance SMEs and mid-caps operating in the energy and resource-efficiency sector (EIB

2018).

The present study was not able to quantify the role of institutional investors due to large gaps in in-

vestment data. Very few German institutional investors are active and vocal proponents of climate-

change mitigation efforts or of broader global measures to achieve Sustainable Development Goals

(SDG). The 2018 Global Investor Statement to Governments on Climate Change, signed by 415 inves-

tors representing over USD 32 trillion in assets, had only twelve signatories based in Germany (The

Investor Agenda, n.d.).

3.3. Financial instruments

Of the investments in climate mitigation and energy transition tracked in our study, concessional loans

from public banks accounted for the highest share in 2016, followed by balance-sheet financing, pro-

ject-level market-rate debt, grants, and finally project-level equity (see Table 6). While the 2016 break-

down of instruments differed from that in Jürgens et al. (2012), the relative shares were similar.

In 2016, concessional loans delivered EUR 32 billion and played an important role in climate and en-

ergy-transition investment. Of the total volume of concessional loans from public banks that we were

able to track, KfW provided by far the largest share (94%), with the remainder issued by Rentenbank .



Table 6. Breakdown of climate-specific investment by financial instrument in 2016 (in billions of eu-ros)

Grants Conces-sional loans

Project-level market-rate

debt

Balance-sheet financing

Project-level equity

(Debt) (Equity)

4.7 32.0 5.6 6.3 13.5 1.3

Note: Due to data limitations, volumes given for project-level market-rate debt, balance-sheet financing, and pro-ject-level equity should be compared with caution due to several limitations. First, balance-sheet finance could be turned into equity due to the possibility of later capitalisation of loans, i.e. recording loan value as assets of a com-pany or its subsidiary. Second, the expenditure reports of public actors were more readily available than those for private investments; therefore, the volume and role of these three instruments may be underestimated here. Overall, the breakdown of investment into these financial instruments was largely estimated based on the Germany-related domestic flows of the Global Landscape of Climate Finance (Buchner et al. 2017).

Grants from the public sector contributed EUR 4.6 billion to climate investment. Typically, grants

cover only a small share of total investment and are combined with equity and loans obtained from

commercial or public banks. In 2016, EU funds made up the largest share of grants, followed by fund-

ing from government actors, including BAFA and KfW.

While volumes for concessional loans and grants were determined from programme documentation,

data on the volumes of other instruments were fragmentary. The instrument split calculated for the

latter contains many assumptions and uncertainties. Hence, one should compare the volumes of these

instruments with care:

• The volume of market-rated debt associated with Rentenbank, KfW, or BAFA support pro-

grammes and private-sector projects supported by public funding could be quantified, while

the total volume of this instrument, including loans of commercial banks, was unclear.

• Similarly, this study only quantified the equity share accompanying concessional loans instead

of the total equity investment.

Jürgens et al. (2012) consolidated balance-sheet financing, including its debt and equity portions and

project-level equity, as ‘Equity’. Applying this approach to the limited 2016 data, however, would ob-

scure the likely significance of debt in the context of climate-specific investment.

3.4. Recipients

Table 7 and Figure 5 provide an overview of investment by sector and technology type. The sectors

attracting the largest share of climate-specific investment were the building sector (total: EUR 35.1

billion, incremental: EUR 14.6 billion) and the energy-generation and transmission sector (total: EUR

17.1 billion). These sectors also have the highest sector-specific targets for GHG emission (GHG) re-



ductions by 2030 (BMU 2016a), namely 66–67% for buildings and 61–62% for energy. However, be-

cause total investment volumes do not reflect effectiveness in actually driving GHG reductions, caution

should be exercised in comparing them to GHG emissions-reduction targets. Other sectors attracted

less climate and energy investment, including the agriculture (total: EUR 5.8 billion), transport (total:

EUR 1.1 billion), and industry (total: EUR 0.9 billion) sectors, as well as other/ cross-cutting measures

(total: EUR 3.2 billion) (see Figure 5).

Table 7. Breakdown of 2016 total climate-specific investment in Germany by sector and technology type (in billions of euros)

Sector Technology

Agriculture Buildings Energy Industry Transport Other

Total 5.8 35.1

(14.6*) 17.1 0.9 1.1 3.2

Renewable energy 2.4 5.9 16.6 0.1 0.0 0.1

Energy efficiency 0.0 27.4 (6.9*) 0.5 0.8 0.0 0.0

Other 3.4 1.8 0.0 0.1 0.9 3.0

* Represents incremental (not total) investment in energy efficiency in building envelopes

Of the total amount of EUR 63.2 billion, 40% (EUR 25.0 billion) were invested in renewable-energy

generation and transmission and 46% (EUR 29.0 billion) in energy-efficiency technologies. Further-

more, EUR 9.3 billion was invested in non-energy-related mitigation and cross-cutting technologies

and practices. Figure 6 provides a more detailed overview of investments in specific mitigation tech-

nologies and practices.

Figure 5. Breakdown of 2016 total investment volume by sector and technology (in billions of euros)

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36

Industry

Transport

Others

Agriculture

Energy

Buildings

EUR billions

Energy Efficiency (Increment) Energy Efficiency (∆ total investment) Other Renewable Energy



Figure 6. Breakdown of 2016 total climate-specific investment in Germany by specific mitigation technology and source of finance (in billions of euros)

3.4.1. Case study of the building sector

Sector importance to energy transition

In 2016, the building sector was responsible for 129.0 million tCO2-eq., or 14.2% of Germany’s total

GHG emissions, excluding land use, land-use change, and forestry (UBA 2018b). Furthermore, residen-

tial, commercial, and public buildings accounted for 54% of electricity consumption and 56% of dis-

trict heat production in Germany (AGEB 2018). While emissions associated with the generation of

electricity and district heat are attributed to the energy sector, these energy carriers are consumed in

the building sector and therefore account for the building sector’s indirect emissions.

The Climate Action Plan 2050 (BMU 2016a) requires the building sector to reduce its GHG emissions

by 66–67% by 2030 relative to 1990 levels (Table 1). To reach these targets, newly constructed build-

ings should be climate-neutral by 2020 and existing buildings by 2050. By 2050, the building sector

must reduce its primary energy consumption by 80% relative to 2008 levels. Other targets affecting

the sector include an increased share of renewable energy to 60% of the country’s total final energy

consumption by 2050, 80% of its electricity consumption by 2050, and 14% of its heat consumption

by 2020. The electricity consumption should be reduced by 25% by 2050 relative to 2008 levels

(BMWi 2016b).

Results of assessment

The figures without brackets in Table 8 report the total climate-specific investment in the building

sector in 2010 and 2016 as calculated in our report and in Juergens et al. (2012). This investment

0 2 4 6 8 10 12 14 16 18 20 22

Energy efficient cars

Transport infrastructure

Other energy efficency

Agri-environmental

Other technologies

Energy infrastructure

Renewable energy

Energy efficient retrofit

Energy efficient new buildings

billion EUR

Private Public Private (∆ total investment) Public (∆ total investment)



includes financial flows to energy-efficiency technologies, building-integrated renewable energy in-

stallations, and other cross-cutting technologies and practices. For both reports, we also estimated the

incremental share of energy-efficiency investment in building envelopes and systems (in brackets in

Table 8).

Table 8. Climate-specific investment in the building sector as total (as incremental), in millions of euros

Source: Juergens 2012; research results.

Note: The figures without brackets indicate the total investment. The figures in brackets indicate the incre-mental investment.

What was the total climate-specific investment in the sector?

In our study, the total climate-specific investment in the building sector in 2016 was calcu-

lated as at least EUR 35.1 billion; the 2010 total was EUR 21.3 billion. The incremental invest-

ment, however, was lower in 2016 (EUR 14.6 billion). This means that, while the total volume

of investment in the building sector grew over the period 2010–2016, the incremental invest-

ment – the share of total investment that could accelerate the energy transition – actually de-

creased.

For existing buildings, the share of incremental investment increased by roughly 50%. How-

ever, the climate-specific incremental investment in the construction of new buildings de-

creased by approximately 40%. For the construction of new buildings, investors typically ob-

tain public support, which covers a progressively larger share of total costs over time. Indeed,

investors obtained KfW loans for roughly 50% of residential construction in 2010 (Juergens et

al 2012) and for approximately 60% of that in 2016 (Novikova et al 2018). The measure re-

ceiving the greatest investments was the construction of residential ‘KfW efficiency houses 70’

Source Energy efficiency Renewable en-

ergy

Othe

r

Total

2010 2016 2010 2016 2016 2010 2016

Public 1,126

(426)

1,440

(315)

293 315 1,757 1,419

(719)

3,512

(2,390)

Private 9,634

(5,373)

25,975

(6,600)

10,181 5,561 92 19,815

(15,554)

31,627

(12,253)

Total 10,760

(5,799)

27,414

(6,915)

10,474 5,876 1,849 21,234

(16,273)

35,139

(14,643)



in 2010 and ‘KfW efficiency houses 55’ in 2016 (ibid). This means that surpassing the build-

ing-code requirements has become an increasingly business-as-usual situation; therefore,

based on 2016 data, there was actually a reduction in the share of total investment that could

be characterised as incremental or additional investment in the energy transition. This trend

indicates that it may be advisable to tighten the minimum energy performance standard for

new buildings, make the construction of new buildings eligible for public support if they

achieve a higher level of energy performance than they do at present, and/or redirect a por-

tion of this support to other, underfinanced segments that represent a significant obstacle to

the reduction of GHG emissions, i.e. through investments in retrofits of existing buildings (see

the volume of energy consumed in buildings by age classes in Figure 7).

Figure 7. Energy consumption of building stock by building age

Data source: BMWi, 2014; Destatis, 2018; Kersten, 2014; Loga, Diefenbach, Stein, & Born, 2012.

Note: The size of the building stock is shown as millions of square metres on the x-axis and the average energy consumption of the given section as annual kilowatt-hour per square metre (kWh/m2a). Buildings from 1948 to 1978 show the largest energy-saving potential.

Which were the key sector segments, technologies, or practices attracting investment?

If the total sector investment is broken down by technology, EUR 33.6 billion was invested in

the building envelopes and EUR 1.5 billion in domestic appliances. Of the investment in build-



ing envelopes, EUR 25.9 billion (77%) went to energy efficiency, EUR 5.7 billion (17%) to re-

newable energy, and EUR 2.0 billion (6%) to cross-cutting technologies (see breakdown in

Figure 8).

Of the amount invested in building envelopes, EUR 18.9 billion (57%) went to components

and technologies installed in new buildings and EUR 14.4 billion (43%) to the retrofit of exist-

ing buildings.

Of the amount invested in building envelopes, EUR 23.3 billion (69%) went to residential

buildings, EUR 2.5 billion (7%) to public buildings, and EUR 7.6 billion (23%) to commercial

buildings.

The latter figures reflect a positive change in support programmes covering more segments of

the building-sector stock in 2016 than in 2010. Namely, in 2010, the programmes focussed

mainly on the residential sector; 2016 programmes also provided significant funding for non-

residential buildings. Non-residential buildings accounted for only 13% of the stock but con-

sumed 38% of the sector’s final energy consumption, producing 47% of the sector’s GHG emis-

sions (Bollmann et al. 2018).6

Figure 8. Share of technologies in total building-sector investment

Who were the main investors?

The private sector invested EUR 31.6 billion in decarbonising the building sector, accounting

for 90% of the total climate-specific investment in the building sector in 2016. The remaining

funds flowed from the public sector.

6 Including space and water heating, lighting, and air conditioning. These numbers were calculated by the au-thors based on seven German data sources from 2011 to 2015.

78%

17%

5%

Energy Efficiency Renewable Energy Other



The private investment was dominated by households, representing 47% of the total amount

(EUR 16.5 billion), followed by companies, which invested EUR 15.4 billion (44%). The share

of household investment in 2016 was significantly lower than the 2010 share reported in

Juergens et al. for 2010, which found that households contributed 85% at that time. These

numbers must be treated with caution due to methodological and data constraints (see sec-

tion 2.3.3 and 2.3.6 for details).

What was the role of the public and private intermediaries in supporting private and public in-

vestment?

Public intermediaries were pivotal in supporting investment in the building sector. Further-

more, KfW and BAFA played a prominent role in providing finance and facilitating information

and advice.

KfW was the main provider of finance for retrofits of buildings, construction of buildings that

surpassed building-code requirements, and renewable energy installations integrated into the

sector.

BAFA financing was especially important for supporting investment in renewable heat and

other advanced heating and cooling technologies in the sector.

Regional state banks and commercial banks also played an important role as intermediaries,

but their role could not be quantified. We recorded the role of these intermediaries in Annex 6.

How was the climate investment financed, e.g. through grants, loans, or equity?

The main financial instrument used by KfW programmes was concessional loans with a grant

element (repayment grants) that represented a particular percentage of the loan value paid by

the end of the project if it achieved a certain energy performance level. In 2016, KfW loans ac-

counted for EUR 22.3 billion, or 64% of investment volume (see Figure 9 for details on financial

instruments in the building sector). This figure excludes repayment grants: because our study

only includes disbursements for the purchase or implementation of climate-specific technolo-

gies and measures in a single year, such grants are outside the scope of our methodology.

For BAFA programmes, the main instrument was grants. The BAFA programmes provided EUR

218 million and supported EUR 943 million of investments by private and public actors. To-

gether, grants from BAFA and KfW accounted for 2% of total investment.



A positive finding was that a range of these grant programmes were introduced to support in-

vestment in renewable heat and other advanced heating systems. In 2016, renewable energy

represented only 12.6% of the total final energy consumption (Destatis 2017), far below the

renewable energy share of 18% or more that must be achieved in 2030; therefore, financing

renewable heat is a challenge.

Figure 9. Climate and energy investment in the building sector by financial instrument used (in bil-lions of euros)

Is the sector on track to reach its targets?

The question cannot be answered at the moment because available assessments of investment

needs and the present assessment of actual investments made rely on different methodologies.

According to Pehnt and Mellwig (2018), decarbonising the building sector will require EUR 21–

28 billion of additional investment annually until 2050. As calculated by our study, in 2016 the

incremental energy-efficiency investment was EUR 6.6 billion, and the remaining EUR 7.7 bil-

lion was the total investment in renewable energy and other technologies. It is therefore un-

likely that the incremental investment in the building sector addresses the investment need.

3.4.2. Case study of the agriculture sector


In 2016, the agriculture sector was responsible for 65.2 million tCO2-eq., or 7.2% of the total country’s

GHG emissions, excluding land use, land-use change, and forestry (UBA 2018b). In 2015, the GHG emis-

sions from the agriculture sector consisted of 59% methane (CH4), 80% di-nitrogen oxide (N2O), and

a minor share of CO2 emissions (7%) (UBA 2018d). The emissions mainly resulted from livestock

farming and from agricultural soils (UBA 2018d). The agriculture sector (including forestry and fish-

ery) accounted for a minor share (1.5%) of Germany’s total primary energy consumption in 2016

(Destatis 2018b).

22%

2%

63%

12%1%

Balance Sheet Financing

Grant

Concessional loans

Market-rate debt

Project-level Equity



The Climate Action Plan 2050 for Germany (BMU 2016a) sets a target to reduce the sector’s GHG emis-

sions by 31–34% relative to 1990 levels by 2030. Moreover, the nitrogen concentration in the soil

should be reduced from an estimated 102 kg/ha in 2016 (BMEL 2018a) to 70 kg/ha between 2028

and 2032. An additional significant reduction in this concentration should be achieved by 2050. The

share of organic farming land in total agricultural lands is to increase from 6.3% in 2014 to 20% by

2030; in addition, a methane from livestock farming should be reduced, although no explicit reduction

target has been defined thus far (BMU 2016a).


Agricultural policy in Germany is framed by the European Common Agricultural Policy (CAP) and na-

tional policy framework ‘Joint Task for the Improvement of Agricultural Structures and Coastal Pro-

tection’ (GAK). In 2016, public financing of GHG mitigation measures and an increase in carbon sinks

in the agriculture sector flowed from the European Agricultural Fund for Rural Development (EAFRD),

GAK, and additional funds at regional and municipal level. For EAFRD finances, GAK designates prior-

ity areas of action at regional level.

In addition, direct payments to farmers under the CAP are disbursed from the European Agricultural

Guarantee Fund (EAGF). The CAP was reformed in the period 2015–2019. The most significant change

is the inclusion of a ‘greening’ requirement applied to 30% of all direct payments, with standards for

crop diversity, permanent grassland, and 5% of organic farming practices (EC 2018d).

Table 9 presents a summary of identified climate-specific investment in the sector. These numbers are

interpreted in detail below.

Table 9: Climate-specific investment in the agriculture sector (in millions of euros)



In 2016, the total climate-specific tangible investment in the agriculture sector amounted to

EUR 5.8 billion. This is more than the EUR 5.4 billion in 2010, as shown in the table above.

Given the decline in EU agriculture funding as a percentage of total EU expenditures and the

Source Energy Efficiency Renewable energy Other Total

2010 2016 2010 2016 2010 2016

Public NE 2 22 0 24 3,416

Private NE 5,357 2,393 5,375 2,393

Total NE 2 5,380 2,393 5,399 5,809



change to the direct payment support system in June 2013,7 this increase can be attributed to

our methodological adjustments: in the present report, we applied the climate markers to the

disbursements from EU funds, i.e. EAFRD disbursements in this case (details in Section 2.3.5).

What was the total climate-related investment in the sector?

In addition to the climate-specific investment, we identified the disbursement of EUR 391 mil-

lion from the EAFRD for organic farming practices as a significant climate-related flow. Or-

ganic farming is a climate-adaptation measure; it is therefore not incorporated into the CEIM

due to the difficulties in accounting for the precise effects of carbon-mitigation efforts on GHG

emissions Juergens et al. (2012).


Agri-environmental measures were supported by EUR 2.1 billion from grants disbursed from

the EAFRD and the EAGF. In calculating this number, we excluded organic farming because it

refers to a climate-change adaption and is therefore not covered by our methodology.

Renewable energy installations on agricultural lands attracted EUR 2.4 billion in private in-

vestment, mostly from farmers. In 2016, farmers owned 10.5% of all citizen-owned renewable

energy capacity installed in Germany. In particular, 73% of all biomass plants were owned by

farmers.

Non-land-based agriculture, specifically forestry, attracted an investment of EUR 1.3 billion.

The main funding source for climate-specific forestry practices was the EAFRD, with national

co-financing of 50% of eligible investment costs.

Energy-efficiency measures were supported by the national government with EUR 1.8 million

of direct payment support (see detailed breakdown in Figure 10).


The major share of flows to the agriculture sector originates from national and European in-

vestment support and direct payments to farmers, with a large share from EU funds under the

CAP. Thus, expenditures from the EAFRD and EAGF amounted to EUR 2.2 billion and facilitated

national public co-financing of EUR 1.2 billion.

7 Comparing 2013 and 2020 commitments in 2011 constant prices results in a 4.9% decrease in direct pay-ments to farmers in Germany, while total commitments in all agricultural relevant headings of the MFF 07/13 against MFF 14/20 declined by 4.5% (EP 2013).



Figure 10. Share of technologies in the total investment volume of the agriculture sector

Under the EU’s multi-annual financial framework, the EU agriculture sector receives the largest

share of European subsidies relative to other sectors. In 2016, the CAP expenditure amounted

to 41% of the total EU budget (EC 2018a). In Germany, the share of agriculture in total EU fund-

ing was 33% (EC 2018b; BMEL 2018b).

Private-sector investment by farmers and corporate companies, such as renewable power-

plant operators on agricultural land, amounted to EUR 2.4 billion.

What was the role of public and private intermediaries in supporting private and public invest-

ment?

Public and federal state banks, in particular Rentenbank, played the most important role as in-

termediaries. Investment in renewable energy was fully supported by concessional loans from

these banks to farmers and corporate investors. These loans contributed EUR 1.9 billion to this

investment.

Regional and federal government actors played an important role in the distribution and ad-

ministration of expenditures from EU funds and respective national and Länder co-financing.

How was the climate investment financed, e.g. through grants, loans, or equity?

As in 2010, investment grants and direct payments of EU funds were the main stimulus for de-

carbonisation technologies and practices applied in the agricultural sector (see Figure 11 for

details).

What has changed since 2010 and why?

Investment in other, non-energy-related measures – defined in the present report as agri-envi-

ronmental and non-land based agricultural measures – increased significantly in 2016 relative

to 2010 levels.

0,03%

41%

59%




Figure 11. Climate investment in the agriculture sector by financial instrument (in billions of euros)

Investments in renewable energy installed on agricultural lands decreased by 44%, from EUR

5.4 billion in 2010 to 2.4 billion in 2016.

Overall investments in the agriculture sector increased slightly but remained relatively more

stable than those in other sectors analysed. A shift from renewable energy investments to-

wards agri-environmental measures was noted, but this change could be accounted for by the

use of the climate-marker methodology. Without the high climate markers applied to dis-

bursements from the EAFRD, climate-specific tangible investments in the agriculture sector

would have decreased from 2010–2016; this decrease is due to the decline in renewable en-

ergy investment caused by falling costs of renewable energy power plants, particularly newly

installed photovoltaic and biomass installations.


Achieving a GHG emissions-reduction target in the agriculture sector is challenging because

agricultural emissions are directly linked to consumption of farm and animal products by the

growing global population. If no change in consumption patterns occur, Germany will likely to

achieve the target by ‘outsourcing’ its emissions to other countries producing these products.

3.4.3. Case study of the transport sector


In 2016, the transport sector was responsible for 167 million tCO2-eq., or 18.3%, of Germany’s total

GHG emissions (UBA 2018b). It consumed one quarter of the country’s total primary energy demand,

or 3363 PJ, in 2017(UBA 2018c). After peaking in 1999, GHG emissions declined until 2013. Since then,

8%

59%

33%


Grant (including direct payments)

Concessionary Loans

Market-rate debt




emissions have grown again, mainly due to an increase in road cargo traffic and the associated in-

crease in diesel vehicles sales (ibid). The largest share is caused by road traffic, in particular by pas-

senger cars: Germany, with 610 vehicles per 1000 inhabitants, has a higher motorisation rate than the

EU average (587) (ACEA 2018). Especially in urban centres, the nitrous oxide emissions have already

reached concentrations that pose a serious health risk (UBA 2018c). Of the total final energy consump-

tion in the transport sector, 94% is due to mineral oil combustion, while gas, electricity and renewable

heat still play a relatively marginal role (UBA 2018c).

According to the Climate Action Plan (BMU 2016a), by 2030 sector emissions should be reduced by

40–42%, or 95–98 million tCO2-eq., relative to 1990 baseline levels. The reductions target is to be

reached primarily by a shift in modes of transit, sector coupling, and the promotion of alternative driv-

ing solutions, such as electric mobility, rail transport, biking, walking, and local public transport. Ger-

many has also committed to EU-wide targets to reach fleet average emissions of 95g CO2/km by 2021

and increase the passenger transport rate by 19.2% for rail and 6% for public transport between 2010

and 2030 (BMU 2016a).


The decarbonisation of the transport sector in Germany was mainly supported by the development of

electric mobility through various programmes under the Federal Ministry of Transport and Digital

Infrastructure (BMVI) and BAFA. European clean transport funding from the CEF and TEN-T pro-

grammes also supported transportation infrastructure developments to make GHG mitigation in the

sector possible. Table 10 presents a summary of our research findings for the sector, which are inter-

preted in detail below.

Table 10. Climate-specific investment in the transport sector (in millions of euros)


Source Energy efficiency Other Total

2010 2016 2010 2016 2010 2016

Public 85 78 NE 853 85 931

Private 184-767 128 NE 6 476 134

Total 268-851 206 NE 860 561 1,065




In 2016, the total climate-specific tangible investment in the transport sector was EUR 1.1 bil-

lion. This volume represents an increase from the EUR 560 million estimated in 2010.8 This

increase is attributed to the growth in support for e-mobility in these years, as well as to

methodological change in calculating disbursements from the EU funds (see Box 1 for details).

What was the total climate-related investment in the sector?

In 2016, the sector investment that was broadly climate-related was EUR 6.3 billion.

This flow was associated entirely with investment in the infrastructure development related

to clean modes of transport. The largest share of the investment, EUR 5.5 billion, flowed to

railway infrastructure. The remaining volume of EUR 862 million flowed to cycling (EUR 68

million) and waterway (EUR 795 million) infrastructure.

The climate-specific investment volume of the sector would increase by EUR 2.5 billion if the

climate marker of 40% used to track climate-related disbursements of EU funds to infrastruc-

ture investment were also used for disbursements from the German government budget for

sustainable infrastructure investment (EUR 6.3 billion).


The key technology driving the sector investment was e-mobility. The climate-specific tangi-

ble investment in this sector segment was EUR 212 million (see detailed breakdown in Figure

12; e-mobility is included in ‘Energy efficiency’ and ‘Infrastructure’ included in ‘Others’).

As mentioned, the higher total climate-specific investment in 2016 relative to 2010 levels is due

to the climate marker of 40% which, in accordance with the European Commission’s method-

ology (see Box 1), was used to account for European infrastructure investment (excluding road

and air infrastructure), amounting to EUR 410 million. In 2010, this investment were not ac-

counted in the climate finance landscape due to the absence of methodology.

8 The midpoint between EUR 268 million and EUR 851 million estimated in the 2010 report (Juergens et al. 2012), also provided in Table 11.



Figure 12. Share of technologies in the transport sector total investment


The main sources of climate-specific investment were government actors, including the BMU,

BMVI, and EU funds, which provided funds of EUR 494 million and facilitated private co-financ-

ing for a volume of EUR 125 million.

The main share of private sector investment of EUR 120 million flowed to the purchase of

electric cars, equally split between households and corporations.


vestment?

Regional and federal institutions play an important role in allocating the investment support

available as a result of inflow from European and national budgets. In 2016, EUR 938 million

were distributed to sector recipients through these public bodies.

How was the climate investment financed, e.g. grants, loans, or equity?

Investment grants amounting to the EUR 494 million disbursed from the EU and German gov-

ernment budgets were the main financing source for the development of transport infrastruc-

ture and e-mobility growth (see Figure 13 for details).


The major change since 20169 is the large investment volume in e-mobility investments, partly

due to public support from the German government budget through the ‘Energy and Climate

9 As noted, the rest of the change in investment volume is due to methodological adjustments.

19%

0%

81%




Fund’. With regard to e-mobility, however, the fund was criticised for serving as an industry

subsidy programme without actual GHG-reduction potential (Esch and Kowalzig 2012).

Figure 13. Climate and energy investment in the transport sector by financial instrument used (in billions of euros)


The total investment in decarbonising the transport sector (EUR 1.1 billion) is far below the

EUR 4.0 billion per year in incremental investment that is needed, based on the calculations in

Schlesinger et al. (2014). Therefore, the transportation sector is unlikely to be on track to

meet its decarbonisation targets.

3.4.4. Case study of the energy generation and infrastructure sector


In 2016, the energy sector was responsible for 332.2 mil tCO2-eq., or 36.6% of Germany’s total GHG

emissions (UBA 2018). The Climate Action Plan 2050 (BMU 2016a) requires the energy sector to re-

duce its GHG emissions by 61–62% by 2030 relative to 1990 levels (Table 1). Germany also set a target

to increase the share of renewable energy sources in gross electricity consumption to 35% by 2020,

50% by 2030, and 80% by 2050 (BMWi 2016a). Other targets are to derive 18% of the country’s total

final energy consumption from renewables by 2020, 30% by 2030, and 60% by 2050 (ibid). In addi-

tion, Germany has committed to raising the renewables share of its heat consumption to 14% (ibid).

There is a comprehensive portfolio of EU and domestic policies driving investment in the energy sec-

tor. The key policies are the Renewable Energy Directive, EU Emission Trading Scheme, and the Re-

newable Energy Act (EEG – 2014 Revision). Public banks, including KfW and Rentenbank, disburse

concessionary loans, while BAFA and EU funds provide grants for the energy sector.

20%

46%

34%Balance Sheet Financing


Concessional loans

Market-rate debt





Table 11 reports the total climate-specific investment in the energy sector in 2010 and 2016 as calcu-

lated in our report and in Juergens et al. (2012). This investment included flows to energy efficiency,

renewable energy generation, and renewable energy infrastructure. Whereas the feed-in tariff re-

mains an important factor in stimulating investment in renewable energy installations, it was not a

direct investment flow according to our methodology (see section 2.1.3 for details); it was therefore

excluded from the CEIM in this report.

Table 11. Climate-specific investment in energy generation and infrastructure (in millions of euros)



In 2016, the total climate-specific investment in the energy-generation and infrastructure sector

amounted to EUR 17.1 billion. A large volume of investment in (renewable) energy generation

also flowed to other sectors, including EUR 5.9 billion to the building sector and EUR 2.4 bil-

lion to the agriculture sector.


If the total investment is broken down by technology, EUR 8.5 billion was invested in renewa-

ble energy generation, EUR 8.1 billion in renewable energy infrastructure, EUR 541 million in

energy efficiency, and EUR 0.9 billion in other measures (see detailed breakdown in Figure

12).

Source Energy efficiency Renewable energy Total

2010 2016 2010 2016 2010 2016

Public 0 454 218 678

218 1,131

Private 500 88 9,6 15,984

9,630 15,982

Total 500 541 9,8 16,572 9,848 17,113



Figure 14. Investments in technology as a share of total investment in the energy sector


The private sector financed the largest share of investment (93%), including EUR 7.9 billion

for renewable energy generation and EUR 8.0 billion for renewable energy infrastructure.

As in 2010, in 2016 the public sector financed a minor portion of the overall investment (8%

in 2016 and 2% in 2010. In 2016, the increased share of public support flowed from the Ger-

man government budget, while the grant volume from the EU funds declined.


vestment?

Public intermediaries, in particular KfW and the EIB, played a significant role in supporting

investment in the energy sector. The EIB committed to loans of EUR 105 million, but this fig-

ure could not be incorporated into the investment volume because we only tracked the actual

disbursement in 2016.

How was the climate investment financed, e.g. grants, loans, or equity?

Approximately EUR 4.9 billion flowed to the sector from KfW concessional loans.

EU funds including ERDF, CEF-E, and EEPR disbursed EUR 94 million in grants for renewable

energy generation and infrastructure.

3%

97%

0%




Figure 15. Climate and energy investment in the energy sector by financial instrument used (in bil-lions of euros)


Whereas the investment into the renewable energy generation in the energy sector declined

from EUR 6.7 billion to EUR 8.5 billion between 2010 and 2016, the investment volume in re-

newable energy generation across the whole German economy declined from EUR 26.6 billion

to EUR 10.9 billion over this period. This could be explained by the decline in investment costs

for renewable energy installations (especially photovoltaics – see Figure 16) as well as by the

38% decline in new installed renewable energy capacity between 2012 and 2016 (BMWi

2018c).

Figure 16. Cost and funding of solar energy installations over time

Source: May et al. 2018.

62%

0%

29%

3%6%



Concessional loans

Market-rate debt




As for the renewable energy infrastructure, the investment volume grew to EUR 8.1 billion in

2016 from EUR 3.1 billion in 2010. This may be explained by growing investment in grid ex-

pansion and higher maintenance costs of electricity distributors in 2016 than in 2010.


Nitsch et al. (2012) estimated the total investment need of Germany through 2050, focussing

only on renewable energy generation. According to those calculations, EUR 20 billion are

needed annually from 2020–2030 and EUR 35 billion from 2040–2050. From a comparison of

this investment need with the actual investment, it is clear that greater efforts are needed to

close the investment gap. By calibrating the breakdown of the renewable energy investment

with the installed capacity status, it becomes clear that the investment category lagging be-

hind is renewable heat, while the investment trend for renewable electricity is on track. In

2016, the share of renewable electricity was 33% of total electricity generation (BMWi

2018b) – only 2% below the target defined in the German Energy Concept, i.e. 35% by 2020.

Still, renewable energy represented only 12.6% of total final energy consumption (Destatis

2017), significantly below the 2020 renewables target of at least 18%.

The investment needed for the onshore and offshore grid was estimated by the European

Commission staff document (2015) at EUR 4.2 billion per year. According to the same authors,

updating and expanding the transmission and distribution network will require a total invest-

ment of EUR 5.7–5.9 billion per year over the period 2013–2020. Comparing this investment

need with the actual 2016 investment in renewable energy infrastructure (EUR 8.1 billion)

indicates that Germany is indeed on track with its investment in grid infrastructure. Again,

however, further efforts are needed.

3.5. Comparison of 2010 with 2016

The climate-specific investment flows that we were able to trace indicated an increase in the volume

of climate and energy investment in 2016 (EUR 42.7 billion) relative to 2010 levels (EUR 36.7 billion).

A direct comparison of 2010 and 2016 climate and energy investment in Germany is challenging, how-

ever, because we were not always able to access the same data sources used in the 2010 assessment

(see chapter 2.3 for details). The 2010 and 2016 assessments, though based on the best available data,

can only provide a snapshot of climate and energy investment in Germany. As both studies rely on a



limited number of data sources, we cannot fully prevent bias or present full climate and energy invest-

ment volumes for the country.

In the energy sector, we saw a large increase in investment in renewable energy infrastructure for

transmission and distribution, from EUR 3.1 billion in 2010 to EUR 7.9 billion in 2016. Based on an

analysis of the same data sources used in 2010, we observed a decrease in investment for renewable

energy generation in 2016. This may be due to decreasing installation prices and the resulting reduc-

tion in generation costs. However, further assessment is needed, as an analysis of the reasons for a

change in investment patterns is beyond the scope of this report.

In the building sector, total climate and energy investment increased from EUR 21.3 billion in 2010 to

EUR 35.1 billion in 2016. This increase resulted in particular from the construction of new buildings.

While total investment volumes increased, the incremental share of investment costs in the building

sector actually declined, from EUR 16.3 billion in 2010 to EUR 14.6 billion in 2016. That means that,

while the total volume of investment grew over the period 2010–2016, there was actually a decrease

in the investments that could be considered a contribution to the energy transition.

The slight increase in transport-sector investment mainly resulted from the purchase of electric and

hybrid cars. Climate-related infrastructure investments, e.g. for railways, were double the 2010 value.

Nevertheless, our CEIM excluded this significant investment (such as investments in public transport

infrastructure not captured separately in the national budget). Therefore, the tracked total of

transport-sector investment underestimates the actual value. For European funds, the established cli-

mate markers were applied, leading to the inclusion of climate-specific shares in European infrastruc-

ture support.

The overall amount of climate-specific investment in the agriculture sector has increased since 2010.

Since renewable energy investments 2016 (EUR 2.4 billion) in the agriculture sector decreased to less

than half of 2010 levels (EUR 5.4 billion), the increase can be attributed fully to the climate-marker

overestimation of climate-relevant expenditure under the EAFRD, which was also criticised by the

ECA (2016). The incorporation of two full priorities (including all focus areas and measures defined

under them) with a 100% climate marker resulted in the incorporation of measures which have no

climate-relevant objective (e.g. ‘Payments for areas disadvantaged for natural or other specific rea-

sons’, supported with EUR 242 million).

The decrease in renewable energy investment in the industry sector relative to the 2010 climate and

energy investment map is due to our limited access to data for 2016. Based on national statistics

(Destatis 2018a), industry-sector investment in renewable energy decreased from EUR 139 million to

EUR 77 million; energy-efficiency investment increased from EUR 592 million to EUR 719 million; and



investment in non-energy-related mitigation measures decreased from EUR 207 million to EUR 87

million (see Figure 13 for a comparison of sectoral investment volumes in 2016 and 2010) .

Figure 17. Comparison of sectoral investment volumes by technology in 2010 and 2016 (in billions of euros)

Note: The 2016 incremental shares for building-sector investments were used to make the 2010 and 2016 values comparable.

3.6. How to improve data and methodology for tracking climate financing in

Germany

As discussed throughout this report, the key challenges in identifying and tracking climate and energy

investment in Germany remain the same as in 2010. There is no common methodology or established

system for tracking climate-relevant investment in Germany. The information on private investment

is also fragmented and insufficient. When establishing comprehensive and consistent tracking ap-

proaches, it will be useful to review the lessons learned from other legislation, such as in France or by

the EU Commission.

In France, Article 174 of the Energy Transition and Green Growth Act (LTECV) requires the govern-

ment to present an annual report to the Parliament which ‘quantifies and analyses public finance, as-

sesses private finance, and measures their adequacy with the financial requirements to achieve the

objective and transition pace of the law’ (Hainaut et al 2017). The Institute for Climate Economics

(I4CE) designed a tracking methodology and integrated it into the survey of domestic energy efficiency

and renewable energy markets that was conducted annually by the France Energy Management

0,0

4,0

8,0

12,0

16,0

20,0

2010 /16 2010 /16 2010 /16 2010 /16 2010 /16 2010 /16

bil

lio

n E

UR


Industry Transport Others Agriculture Buildings Energy



Agency (ADEME).10 Using this methodology, the institute has managed to track actual investment and

its structure on an annual basis since 2011. The results are used in the budget planning of the French

government and in other policy-making processes.

In 2017, the European Commission issued recommendations on tracking climate-related expenditure

for the EU budget and its execution in the paper ‘Climate mainstreaming in the EU budget: preparing

for the next multiannual financial framework’ (European Commission 2017). The paper provides an

overview of the climate-marker approach applied in the current MFF period (2014–2020) and makes

recommendations for potential improvements to this process in the future (see Box 1).

10 https://www.i4ce.org/publications/



4. Conclusion

The Regulation on the Energy Union Governance (EC 2016b) requires EU Member States to create

national energy and climate plans (NECPs), which must include an assessment of current investment

flows to the decarbonisation of Member State economies. The present report is intended to contribute

to the discussion of these flows in Germany; in addition, using 2016 data, it aims to identify, track, and

explain the amount of public and/or private money invested in Germany in technologies and other

tangible measures that lead to a GHG emission reductions and an increase of carbon sinks. The meth-

odologies developed, as well as the analytical results, should also serve as a prototype for tracking and

evaluating climate investment in other EU Member States, in particular Czechia and Latvia.

Tracked investment in 2016 was higher than in 2010

Based on the climate-specific investment flows that we were able to trace, we observe an increase

in investment volumes in 2016 (EUR 42.7 billion) relative to 2010 levels (EUR 36.7 billion). These

volumes reflect the incremental share in energy-efficiency investment (EUR 8.5 billion), the total in-

vestment cost of renewable energy deployment (EUR 25.0 billion), and the total investment cost of

non-energy-related mitigation and cross-cutting measures (EUR 9.3 billion). Relative to 2010 invest-

ment, the volume of flows to renewable energies decreased by 6%, while the volume of flows to energy

efficiency increased by 18%.

We also calculated total investment11 in energy efficiency (EUR 29.0 billion) in 2016, in addition to the

incremental share in investment cost reflected in the comparison above (EUR 8.5 billion). Total in-

vestment across all technologies (including energy efficiency, renewable energy, and non-energy-re-

lated mitigation and cross-cutting measures) added up to EUR 63.2 billion in 2016. The text provides

an analysis of the total investment volume, except where explicitly stated otherwise.

Private investment remains to be key

The private sector provided 83% of the total investment (EUR 52.3 billion), with the remaining 17%

originating in the public sector (EUR 10.9 billion). Corporate actors remained by far the largest private

investors (EUR 35.2 billion), followed by households (EUR 17.2). In the public sector, the German gov-

ernment budget played the largest role (EUR 4.2), followed by the EU budget (EUR 2.7 billion).

Grants and concessional loans played a key role in driving private investment, while overall

finance patterns remained uncertain

11 Except for household electrical appliances in the buildings sector, blast furnaces, and newly built power plants used in manufacturing, for which the incremental cost was included in the total investment figure.



In 2016, both low-cost debt (EUR 32.0 billion) and grants (EUR 4.7 billion) offered by public actors

played an important role in driving climate investments. Due to the limited access to and quality of

data, there are significant uncertainties surrounding the EUR 26.6 billion delivered by other financial

instruments, such as balance-sheet financing, project-level equity, and market-rate debt.

We identified the building and energy sectors as the main recipient sectors in 2016. These were

also the two sectors for which data were most accessible.

The sectors attracting the largest share of climate-specific investment were the building sector (total:

EUR 35.1 billion, incremental: EUR 14.6 billion) and the energy generation and transmission sector

(total: EUR 17.1 billion). These sectors also have the highest sector-specific targets for GHG emission

reductions by 2030 (BMU 2016a), namely 66–67% for buildings and 61–62% for energy. However,

total investment volumes do not measure effectiveness in reducing GHGs; therefore, their relationship

to GHG emissions-reduction targets should be assessed with caution. Other sectors attracting less cli-

mate and energy investment included the agriculture sector (total: EUR 5.8 billion), transport (total:

EUR 1.1 billion), industry (total: EUR 0.9 billion), and cross-cutting measures (total: EUR 3.2 billion).

Datasets for these sectors were also less comprehensive.

When establishing a comprehensive and consistent tracking approach for Germany, it is useful

to review the lessons learned from such legislation (e.g. in France) and from the application of

climate markers by the EU Commission.

Data challenges still prevent a comprehensive, unbiased overview of climate finance in Germany. Our

analysis relies heavily on a few data sources, including reports from the Bundesnetzagentur, EU

funds/CEF, BMEL, BMU (NKI), BAFA, KfW, GfK, NOW GmbH, the Federal Statistical Office, and

trend:Research. As underlying methodologies and approaches differed among these reports and sec-

tors were not covered comprehensively, some bias in our overall findings is unavoidable. Future cli-

mate and energy investment tracking exercises would benefit from the following:

• Systematically tracking domestic public climate finance covering federal, regional, and local

government budgets and climate programmes implemented by public banks and agencies, e.g.

by introducing public budget climate tagging and/or establishing annual evaluation proce-

dures.

• Evaluating and streamlining existing private sector surveys/reporting efforts with govern-

mental climate-investment tracking approaches.

Climate-finance tracking approaches have already been implemented elsewhere (e.g. in France and by

the EU Commission). These models could provide important lessons for Germany.



There is a need for further discussion on a general concept of climate finance at the domestic

level and on the incremental share that actually contributes to the energy transition

By focussing on climate-specific investment in our analysis, we exclude a wide range of climate-related

measures with indirect benefits/co-benefits, such as infrastructure projects. This approach may in

particular underestimate domestic investment into climate mitigation measures. Further discussion

is needed on how and to what extent climate-related measures can be accounted for.

Similarly, further development of practicable approaches to calculating incremental costs of climate

investment would prevent an over- or underestimation of related investments, especially in the build-

ing sector.



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Annexes

Annex 1: Energy generation and infrastructure – assumptions

Programme / Measure

Amount (EUR million)

Year Methods / Assumptions / Limitations References

Renewable Energy generation

-Total renewable investment volume

15,380 2016 Total as given in the reference BMWI (2018c), EEA (2018)

--Renewable energy by scale (% of overall installed capacity)

---Share of renewable investment small-scale (<1 MW in-stalled capacity) (54%)

8,333 2016 Calculated as sum of a small-scale categories: private households, farm-ers/landowners, industry, other.

Own calcula-tion.

---Share of renewable investment large-scale (46%)

7,046 2016 Calculated as sum of large-scale categories: Funds/Banks, project develop-ers, other generators, and Big 4

As above.

-- Renewable investment by installer

---Renewable invest-ment by installer (% of overall installed capacity): electricity

2016 1. The total renewable investment was split into investment into renewable

electricity and investment into renewable heat as provided in BMWI (2018c) and EEA (2018). 2. The investment into renewable electricity was broken down by investor. The investor breakdown was assumed as the breakdown of newly installed renewable electricity capacity in 2016. The latter was estimated based on the change in ownership structure to the newly installed capacity between 2012 and 2016 as provided by trend:research (2013; 2018). 3. Result is proxy for investor share of overall EUR into RE

BMWi (2018c), EEA (2018), trend:research (2018). trend:research (2013)

Private Households (20%)

2,571 2016 The figure also appears in the building and agriculture sector. As above.

Farmers/landown-ers (9%)

1,085 2016 The figure also appears in the agriculture sector. As above.

Industry and com-merce (11%)

1,398 2016 The figure includes investment into renewable energy installations by the in-dustry and commercial sector actors. It was further split between these two sectors, see the details in the building sector annex 3. This category was as-sumed as small-scale.

As above.

Funds/Banks (14%) 1,758 2016 Investment by funds/banks into renewable energy. This category is fully as-sumed as large-scale.

As above.



12 https://www.unendlich-viel-energie.de/erneuerbare-energie/bioenergie/investitionen-in-erneuerbare-energien-auf-dem-land-legen-leicht-zu

Project Developers (15%)

1,878 2016 Investment into renewable energy by large-scale project developers. This cat-egory is fully assumed as large-scale.

As above.

Other Generators (22%)

2,612 2016 As above.

Big 4 (7%) 798 2016 Investment into renewable energy by large-scale utilities of Germany’s so-called Big 4 utilities (RWE, EON, Vattenfall, and EnBW).

As above.

Other (1%) 120 2016 Here included are public owned renewable energy integrated in public buildings, such as schools. This figure also appears in the building sector.

As above.

---Total Renewable investment by in-staller (% of overall installed capacity): heat 1) solar thermal en-ergy 2) biomass heat 3) heat pumps

3,160 2016 The total renewable investment was split into investment into renewable elec-tricity and investment into renewable heat as provided in BMWI (2018c) and EEA (2018). 2. The investment into renewable heat was broken down by investor based on BAFA annual report 2016/2017 and statistics of the Renewable Energy Agency12.

BAFA (2017a);BMWi (2018c); EEA (2018)

Private Households 2,738 2016 The figure also appears in the building sector. As above.

Industry 421 2016 The figure also appears in the industrial sector. As above.

--Large-scale total in-vestment in renewable energy by the private energy sector actors that was not supported by public support programs

9,960 2016 Difference between the total investment estimated based on BMWI (2018c) and EEA (2018) and the investment supported by public support (KfW, BAFA, EU funds). The breakdown into financial instruments, i.e. balance sheet (debt)/balance sheet(equity)/project-level equity/market-rate debt was assumed as 55/15/5/25 based on the Germany-related domestic flows of the Global Landscape of Climate Finance (Buchner et al. 2017).

As above.

Balance sheet debt 1,078 2016 As above BMWi (2018c), EEA (2018), trend:research (2018), Buch-ner et al. (2017).

Balance sheet equity 294 2016 As above As above.

Project-level equity 980

Market-rate debt 490 2016 As above As above.

Energy infrastructure



Public

Renewable energy infra-structure investment sup-ported by EU funds

94 2016 ERDF provided grants for several Länder for renewable energy in the total amount of EUR 42 million, which was co-financed with the national public sources and complemented by the CEF-E (EUR 42 million) and EEPR (EUR 10 million) – climate marker of 100% applied following the general framework for renewable energy infrastructure from budgetary reports for CEF-E and ESIF methodology for ERDF

ERDF Durch-führungsbe-richte, EC (n.d.)

Private

Corporate Renewable elec-tricity infrastructure invest-ment TSOs/DSOs

7,677 2016 Based on the data used in 2010 report (Juergens et al 2012) for corporate investments into infrastructure: 65%-share of balance sheet (debt) and 35%-share of balance sheet (equity) financing. Extracted from the overall investment amount and assumed a 80% climate-specific investment share for renewable energy infrastructure projects

BNetzA, 2017

Corporate Renewable gas in-frastructure investment TSOs/DSOs

288 2016 Based on the data used in 2010 report (Juergens et al 2012) for corporate investments into infrastructure: 65%-share of balance sheet (debt) and 35%-share of balance sheet (equity) financing. Extracted from the overall investment amount and assumed a 10% climate-specific investment share for gas infrastructure projects

BNetzA, 2017

Energy efficiency and renewable energy investment supported by KfW

KfW concessional loans to households to support re-newable energy investment:

Assumed split into instruments: 80% low-interest debt to 10% market-rate debt and 10% private equity

KfW (2016), KfW Pro-grammmerk-blätte (n.a)

Concessional loan vol-ume

446,900 2016 As above

Market-rate debt 55,862 2016 As above

Private equity 55,862 2016 As above

KfW concessional loans to the corporate sector to sup-port renewable energy in-vestment:

Assumed split into instruments: 80% low-interest debt to 20% balance-sheet financing (equity)

As above


3,600 2016

As above

Balance sheet equity 900,100 2016 As above

KfW concessional loans to the public sector actors to support renewable energy


As above



investment:


466,700 2016

As above


KfW concessional loans to the corporate sector to sup-port energy efficiency invest-ment:



70,200 2016

As above


KfW concessional loans to the public sector actors to support energy efficiency y investment:



362,800 2016 As above




Annex 2: Industry sector – assumptions

Programme / Measure



Energy Efficiency

Public

BAFA:

“Querschnitttechnologien –

Einzelmahßnahmen und opti-mierung techn. Systeme” Public expenditure

62 2016 Bafa provided a grant covering 28% of the investment (Bafa 2016/2017 re-port). Corporate investment 15% of project-based equity and 85% of bal-ance sheet equity.

BAFA (2017a), Email corre-spondence with Mr Hans-Peter Klein of Bafa,

Private

BAFA:

“Querschnitttechnologien –

Einzelmahßnahmen und opti-mierung techn. Systeme” Private co-financing

161 2016 Corporate investment 15% of project-based equity and 85% of balance-sheet equity.

As above

WZ-C (Industry) WZ-B (Mining & quarrying)

718 2016 Assumed split into financial instruments: 70% balance-sheet financing (debt) and 30% balance-sheet financing (equity) split for corporate invest-ments in energy efficiency

Destatis 2018a

Renewable energy

Renewable heat generation using biomass: investment by corporate actors excluding that leveraged by Bafa and EU funds

47 2016

The number of total investments by industrial investors into renewable en-ergy is calculated from the BMWI statistic of total investments into RES in Germany (by all sectors and stakeholders) and multiplied with the results of the trend:research statistic about ownership of installs renewable en-ergy in Germany by civil group. 85%/15% breakdown into balance sheet-equity vs project-level equity for corporations was assumed based on the Germany-related domestic flows of the Global Landscape of Climate Fi-nance (Buchner et al. 2017).

BMWi (2018c), EEA (2018), trend:research (2018), Buchner et al. (2017) .

WZ-C (Industry) 77 2016 Assumed a 70% debt and :30% balance-sheet financing (equity) split for corporate investments in renewable energies

As above.

Other

WZ-C (Industry) WZ-B (Mining & quarrying)

92 2016 Assumed a 70% debt and 30% balance -sheet financing (equity) split for corporate investments in other climate-specific technologies

Destatis 2018a



Annex 3: Building sector – assumptions

Programme/ Measure

Amount (mil EUR)


Energy Efficiency

Private

Electrical appliances, electronics, and equipment Investments by the residential, commer-cial, and public sector: Incremental share

569 2015

The total investment was calculated as a sum of individual es-timates for each appliance. These were determined by multi-plying the number of units sold for each energy efficiency class above the BAU energy efficiency class by the difference in price between that class and the price of the BAU energy efficiency class. The BAU energy efficiency class was as-sumed as a minimum energy performance standard at the EU market in 2016. The next assumptions and limitations were applied:

• Only three major domestic appliances are covered, due to data availability: refrigerators, washing machines, and tumble dryers. The estimate represents a lower bound as it does not include appliances and equipment other than those listed.

• Sales numbers and structure by energy efficiency classes are tracked for the year 2015 from the latest available publication (Michel, Attali, & Bush, 2016).

• BAU classes were assumed as A+ for washing ma-chines (Michel et al , Kreitz, Attali, & Bush, 2017), A+ for re-frigerators (Michel et al., 2017), and B for tumble dryers (Michel et al., 2017).

• Prices by energy efficiency classes refer for washing machine to 2015 (Michel et al., 2016); for refrigerators to 2017 (EcoTopTen, 2018a); and for tumble driers in A+ class to 2015 (Michel et al., 2016) as well as A++ and A+++ to 2015 (EcoTopTen, 2018c).

(Michel, Attali, & Bush, 2016), (Mi-chel et al , Kreitz, Attali, & Bush, 2017), (Michel et al., 2017), (EcoTopTen, 2018a); (EcoTop-Ten, 2018c).

Public

Public expenditure for energy efficiency extracted from German budget Budget lines 9 3 72021 609

1.289 2016

Investment by the public sector categorised as balance-sheet financing (equity) instead of project-level equity to be in line with the definition for households (also balance-sheet financing (equity) as suggested by CPI).

Federal Ministry of Finance (n.d.)



9 13 71101 646 10 16 51802 816 60 92 1712ff 60 2 89134 1706

Public

BAFA: Heating optimization grant

2 2016

Grants covering 30% of the investment to support heating optimisation/pump replacement. The investor split is 84% households, 1.5% public investment, 7% from housing companies, and 7% from companies. 100% of investments went to the existing building stock.

BAFA (2017a), Email corre-spondence with Mr Hans-Peter Klein of Bafa

BAFA: Energy efficiency improvement in cool-ing and air-conditioning technologies grant

24 2016

Grants covering 19% of the investment to support energy efficiency in cooling. All investment went into the commer-cial sector. Of this, 50% of investments went to new build-ings and 50% to the existing building stock.

As above

BAFA: Grants to support small combined cool-ing/heating power in the residential and tertiary sector

5 2016

Grants covering 10% of the investment to support small combined cooling/heating power. It is assumed that the in-vestor split is 97.3% households, 1% public entities and 1.7% commercial sector. Of the total, 50% of investments went to construction works and 50% to the existing building stock.

As above

BAFA: Municipality co-financing for total BAFA energy efficiency grants

6 2016 For municipalities, a breakdown into 15% project-based eq-uity and 85% balance-sheet equity is assumed.

As above

Private

BAFA: Households co-financing for total BAFA energy efficiency grants

44 2016 For households, a 10% debt/90% equity split was assumed for the total co-financing of the BAFA grant.

As above

BAFA: Corporate co-financing for total BAFA energy efficiency grants

97 2016 For corporations, a 15% of project-based equity and 85% of balance-sheet equity split was assumed for the total co-financing of the BAFA grant.

As above

Public

KfW: Investment of the public sector into en-ergy efficiency in existing residential buildings: through KfW concessionary loans

39

2016 Assumed that public sector entities cover 80% of their total investment with the KfW concessionary loan and 20% with their balance sheet (equity).

KfW (2016), KfW Pro-grammmerkblätte (n.a.), Email correspondence with Ms Bettina Dorendorf of KfW

KfW: Investment of the public sector into en-ergy efficiency in existing residential

11 2016 As above As above



buildings: through balance sheet financ-ing (equity)

KfW: Investment of the public sector into en-ergy efficiency in new residential build-ings: through KfW concessionary loans

231


As above

KfW: Investment of the public sector into en-ergy efficiency in new residential build-ings: through balance sheet financing (equity)

58

2016 As above As above

KfW: Investment of the public sector into en-ergy efficiency in new public buildings: through KfW concessionary loans

392


As above

KfW: Investment of the public sector into en-ergy efficiency in new public buildings: through balance sheet financing (equity)

122


KfW: Investment of the public sector into en-ergy efficiency in existing public build-ings: through KfW concessionary loans

109


As above

KfW: Investment of the public sector into en-ergy efficiency in existing public build-ings: through balance sheet financing (equity)

43

2016 as As above

Private

KfW: Investment of households into energy efficiency in existing residential build-ings: through KfW concessionary loans

1,823

2016 Households cover 80% of total investment costs with the KFW concessionary loan, 20% is covered by 10% co-eq-uity and 10% market-based loan.


KfW: Investment of households into energy efficiency in existing residential build-ings: co-financing by market-rate debt

1,397


KfW: 395 2016 As above As above



Investment of households into energy efficiency in existing residential build-ings: co-financing by private equity

KfW: Investment of the corporate sector into energy efficiency in existing residential buildings: through KfW concessionary loans

1,398

2016 Assumed that corporate sector entities cover 80% of their total investment with the KfW concessionary loan and 20% with their balance sheet (equity).

As above

KfW: Investment of the corporate sector into energy efficiency in existing residential buildings: through balance sheet financ-ing (equity)

394


KfW: Investment of households into energy efficiency in new residential buildings: through KfW concessionary loans

6,096


As above

KfW: Investment of households into energy efficiency in new residential buildings: co-financing by market-rate debt

894


KfW: Investment of households into energy efficiency in new residential buildings: co-financing by private equity

781


KfW: Investment of the corporate sector into energy efficiency in new residential buildings: through KfW concessionary loans

4,052


As above

KfW: Investment of the corporate sector into energy efficiency in new residential buildings: through balance sheet financ-ing (equity)

1,018

2016 As above

As above

KfW: Investment of the corporate sector into energy efficiency in existing commercial buildings: through KfW concessionary loans

2,607


As above




Investment of the corporate sector into energy efficiency in existing commercial buildings: through balance sheet financ-ing (equity)

KfW: Investment of the corporate sector ac-tors into energy efficiency in new com-mercial buildings: through KfW conces-sionary loans

2,235


As above

KfW: Investment of the corporate sector ac-tors into energy efficiency in new com-mercial buildings: through balance sheet financing (equity)

559


Renewable energy

Public

BAFA: Solar thermal grant

58 2016

Grants covering 16% of the investment into solar energy. The investor split is 98.3% households, 0.5% public entities and 1.2% tertiary sector. All investments went to the exist-ing building stock.

BAFA (2017a), Email corre-spondence with Mr Hans-Peter Klein of Bafa

BAFA: Biomass grant

83 2016

Grants covering 20% of the investment into biomass en-ergy. The investor split is 97.2% households, 0.4% public entities and 2.4% tertiary sector. All investment went to the existing building stock.

As above

BAFA: Heat pump grant

47 2016

Grants covering 24% of the investment into heat pumps. The investor split is 91.9% households, 0.2% public entities and 7.9% tertiary sector. Of the total, 62% of investments went to construction works and 38% to the existing building stock.

As above

BAFA: Municipality co-financing for total BAFA renewable energy grants

3 2016 For municipalities, a breakdown into 15% of project-based equity and 85% of balance-sheet equity is assumed.

As above

Private

BAFA: Households co-financing for total BAFA renewable energy grants

769 2016 For households, a 10% debt, 90% equity split was as-sumed for the total co-financing of the BAFA grants.

As above

BAFA: Corporate co-financing for total BAFA renewable energy grants

24 2016 For corporations, a 15% project-based equity, 85% bal-ance-sheet equity split was assumed for the total co-financ-ing of the BAFA grants.

As above

Public



KfW: Investment of the public sector into re-newable energy in new residential build-ings: through KfW concessionary loans

26



KfW: Investment of the public sector into re-newable energy in new residential build-ings: through balance sheet financing (equity)

6


KfW: Investment of the public sector into re-newable energy in existing residential buildings: through KfW concessionary loans

3


As above

KfW: Investment of the public sector into re-newable energy in existing residential buildings: through balance sheet financ-ing (equity)

1


KfW: Investment of the public sector into re-newable energy in existing public build-ings: through KfW concessionary loans

9


As above

KfW: Investment of the public sector into re-newable energy in existing public build-ings: through balance sheet financing (equity)

2


KfW: Investment of the public sector into re-newable energy in new public buildings: through KfW concessionary loans

44


As above

KfW: Investment of the public sector into re-newable energy in new public buildings: through balance sheet financing (equity)

11


KfW: Investment of the public sector into re-newable energy in new and existing res-idential buildings: through KfW conces-sionary loans

13


As above



KfW: Investment of the public sector into re-newable energy in new and existing res-idential buildings: through balance sheet financing (equity)

3


Private

KfW: Investment of households into renewa-ble energy in new residential buildings: through KfW concessionary loans

677



KfW: Investment of households into renewa-ble energy in new residential buildings: co-financing by market-rate debt

85


KfW: Investment of households into renewa-ble energy in new residential buildings: co-financing by private equity

85


KfW: Investment of the corporate sector into renewable energy in new residential buildings: through KfW concessionary loans

450


As above

KfW: Investment of the corporate sector into renewable energy in new residential buildings: through balance sheet financ-ing (equity)

113


KfW: Investment of households into renewa-ble energy in existing residential build-ings: through KfW concessionary loans

134


As above

KfW: Investment of households into renewa-ble energy in existing residential build-ings: co-financing by market-rate debt

36


KfW: Investment of households into renewa-ble energy in existing residential build-ings: co-financing by private equity

19




KfW: Investment of the corporate sector into renewable energy in existing residential buildings: through KfW concessionary loans

98


As above

KfW: Investment of the corporate sector into renewable energy in existing residential buildings: through balance sheet financ-ing (equity)

25


KfW: Investment of the corporate sector into renewable energy in existing commer-cial buildings: through KfW concession-ary loans

36


As above

KfW: Investment of the corporate sector into renewable energy in existing commer-cial buildings: through balance sheet fi-nancing (equity)

9


KfW: Investment of the corporate sector ac-tors into renewable energy in new com-mercial buildings: through KfW conces-sionary loans

248


As above

KfW: Investment of the corporate sector ac-tors into renewable energy in new com-mercial buildings: through balance sheet financing (equity)

62


KfW: Investment of households into renewa-ble energy in new and existing residen-tial buildings: through KfW concession-ary loans

13


As above

KfW: Investment of households into renewa-ble energy in new and existing residen-tial buildings: co-financing by market-rate debt

2





Investment of households into renewa-ble energy in new and existing residen-tial buildings: co-financing by private eq-uity

KfW: Investment of the corporate sector into renewable energy in new and existing residential buildings: through KfW con-cessionary loans

106


As above

KfW: Investment of the corporate sector into renewable energy in new and existing residential buildings: through balance sheet financing (equity)

27

2016 As above as above

Investment into renewable energy of households installed in residential build-ings that was not supported by public support programs

Difference between the total household investment in re-newable energy estimated based on BMWI (2018c) and EEA (2018) and this investment supported by public sup-port (KfW, BAFA). The breakdown into financial instru-ments, i.e. market-rate debt to private equit,y was assumed as 85/15 based on the Germany-related domestic flows of the Global Landscape of Climate Finance (Buchner et al. 2017).

BMWi (2018c), EEA (2018), trend:research (2018), Buchner et al. (2017)

Market-rate debt 224 2016 As above As above

Private equity 39 2016 As above As above

Market-rate debt 1,001 2016 As above As above

Private equity 177 2016 As above As above

Investment into renewable energy of the corporate actors in the commercial sec-tor that was not supported by public sup-port programs

Difference between the total household investment in re-newable energy estimated based on BMWI (2018c) and EEA (2018) and this investment supported by public sup-port (KfW, BAFA). The breakdown into financial instru-ments, i.e. balance sheet (debt)/balance sheet(equity)/pro-ject-level equity/market-rate debt, was assumed as 55/15/5/25 based on the Germany-related domestic flows of the Global Landscape of Climate Finance (Buchner et al. 2017).

BMWi (2018c), EEA (2018), trend:research (2018), Buchner et al. (2017)

Balance Sheet Financing (eq-uity)


Project-level Equity 201 2016 As above As above



Balance Sheet Financing (eq-uity)


Project-level Equity 144 2016 As above As above

Other

Private

KfW: Investment of households into other measures in residential buildings: through KfW concessionary loans

44



KfW: Investment of households into other measures in residential buildings: co-fi-nancing by market-rate debt

5


KfW: Investment of households into other measures in residential buildings: co-fi-nancing by private equity

5


KfW: Investment of the corporate sector into other measures in residential buildings: through KfW concessionary loans

30


As above

KfW: Investment of the corporate sector into other measures in residential buildings: through balance sheet financing (equity)

7


Public

KfW: Investment of the public sector into other measures in residential buildings: through KfW concessionary loans

2


As above

KfW: Investment of the public sector into other measures in residential buildings: through balance sheet financing (equity)

0.4


KfW: Investment of the public sector into other measures in public buildings: through KfW concessionary loans

1,404


As above



KfW: Investment of the public sector into other measures in public buildings: through balance sheet financing (equity)

351


KfW: Grants into renewable energy installed in existing residential buildings, for all types of actors

6

2016 As above

KfW: Grants into renewable energy installed in new residential buildings, for all types of actors

0.1

2016 As above

KfW: Grants into energy efficiency installed in existing residential buildings, for all types of actors

345

2016 As above

KfW: Grants into energy efficiency installed in new residential buildings, for all types of actors

39

2016 As above

KfW: Grants into energy efficiency installed in existing public buildings, for all types of actors

6

2016 As above

KfW: Grants into energy efficiency installed in new public buildings, for all types of ac-tors

4

2016 As above



Annex 4: Transport sector – assumptions

Programme/ Measure



Climate-specific

Electro-mobility

Public

National Organization Hydrogen and Fuel Cell Technology – Public funding: Model regions electric mobility:

6 2016

Project budget divided by project time to get value for 2016. Assumed that corporations finance through the capital market over a balance sheet with debt/equity=80/20%, higher education institutions financed for progress eval-uation and further research excluded from funding calculation. Only projects used which result in physical assets → Project codes: V03, V05, V07, V08, V10, V11, V13, V14

NOW (2016)

Private

National Organization Hydrogen and Fuel Cell Technology – Corporate investments: Model regions electric mobility:

5 2016 Corporate investment equals project budget, without R&D (calculated as de-scribed above), minus funding volume.

NOW (2016)

Public

KfW Investment loans for public entities (20%)

355 2016

We calculated investments of municipalities from their own budgets using KfW co-financing rules: 80% to 20% equity/debt split. As we have not ana-lysed municipal budgets and hence could not find any corresponding num-bers for our calculations in official documents, we just assume that this finan-cial flow originates in the public budgets.

KfW (2016)), KfW Pro-grammmerkblätte (n.a.), Email corre-spondence with Ms Bettina Dorendorf of KfW

KfW Co-financing (80%) 89 2016 As above.

Private (Other)

CO2 mitigation on other means of transport 1 2016

We calculated investments by private actors from their balance sheets using KfW co-financing rules: 80% to 20% equity/debt split.

As above.


Priavte (Energy Efficiency) As above.

Highly efficient cars 0.25 2016 As above.


Acquisition of low-emission commercial ve-hicles

0.25 2016 As above.




Public

BAFA: Environmental bonus for the purchase of electronic cars – public funding

6 2016

Multiplication of all registered applications for the environmental bonus in 2016 and the premium paid by the state and the car seller. EUR 4000 for e-cars and EUR 3000 for hybrid, split 50/50 between BAFA and car seller (BAFA grant is 2000 for e-car and 1500 for hybrid).

BAFA (2017a)

Private

BAFA: Environmental bonus for the purchase of electronic cars – Car seller share

6 2016 Car seller reduces price of e-car by the same amount as the BAFA Grant. Decided to label as Grant because it is not a real investment by the car seller.

As above

BAFA: Environmental bonus for the purchase of electronic cars – private investments (pri-vate purchases of electronic cars)

57 2016

Private investments into e-cars derived from the BAFA Umweltbonus pro-gram (50% of all bought cars where for private use - assumption made from split off after applicant type as in the stated report). From list of bought cars under the programme developed average price from the most-bought 80% electro and hybrid cars (average price is EUR 35668.75). Multiplication of av-erage price and the published number of subsidised cars under the pro-gramme in 2016 (1991 e-cars and 1599 hybrid subsidised).

As above.

BAFA: Environmental bonus for the purchase of electronic cars – corporate investments (corporate purchases of electronic cars) (Balance sheet financing: 80% balance sheet debt, 20% balance sheet equity)

57 2016

Corporate investments into e-cars derived from the BAFA Umweltbonus pro-gramme (50% of all bought cars were for corporate use; assumption made from split-off after applicant type as in the stated report). From list of bought cars under the programme developed average price from the most-bought 80% electro and hybrid cars (average price is EUR 35668.75). Multiplication of average price and the published number of subsidised cars under the pro-gramme in 2016 (1991 e-cars and 1599 hybrid subsidised).

As above.

Infrastructure

CEF-Transport grants 2014-2017: Railways

390 2016

Calculation from total investment volume in 2016 (EUR 1,217 Mio) under the CEF-T multiplied with different modes of transport and adjusted with the re-spective climate marker of 40% for all infrastructure besides road and air pro-jects. CEF Transport funding in Mio EUR per transport mode in % from given fund-ing volumes in fact sheet: total 2176,5→ 100.00%; Rail 1,743.6→ 80.11%; Air 213.1→ 9.79%; Road 136.3→ 6.26%; Waterways 30.8→ 1.42%; Multi-modal 30.2→ 1.39%; Marine 22.5→ 1.03%

EC (2018c).

CEF-Transport grants 2014-2017: Waterways


CEF-Transport grants 2014-2017: Multimodal


CEF-Transport grants 2014-2017: Maritime




ERDF: Intervention category 043: Promoting envi-ronmentally friendly public transport infra-structure (including equipment and vehi-cles). Funding received: Berlin and Mecklenburg-Vorpommern

1 2016

Data for ERDF funding extracted from laender reports. In Berlin 50% co-financed with laender budget (Total: EUR 1,906,564.33 x 0.5= EUR 953,282.17); EU support is equal share; In Mecklenburg-Vorpommern 20% co-financed with laender budget (Total: EUR 877.203,39 x 0.2= EUR 175,440.68); EU support is 80% of total (= EUR 701,762.71) Adjusted with the respective Rio-Marker of 40%

EFRE-MV (2017); EFRE Berlin (2017); ifS (2017)

Climate related

Infrastructure investments: Bike

68 2016

Infrastructure investments extracted from German budget Lines: 12 1 74622 12 10 68601 12 10 89102

Federal Ministry of Fi-nance (n.d.)

Infrastructure investments: Railway

5,177 2016

Infrastructure investments extracted from German budget Lines: 12 2 89101 12 2 89103 12 2 89111 12 10 89101 60 2 89131

As above

Infrastructure investments: Waterway

795 2016

Infrastructure investments extracted from German budget Lines: 12 3 52101 12 3 75201 12 3 78001 12 3 78002 60 2 78031

As above

Infrastructure investments: Public transport

275 2016

Infrastructure investments extracted from German budget Lines: 12 6 88202 12 6 89101 12 10 88201

As above



Annex 5: Agriculture sector – assumptions

Programme / Measure



Climate specific

Agri-environmental (other)

EARFRD

CAP and GAP: European Agricultural Fund for Rural Development (EAFRD) Total EU fund-ing:

51 2016

EU Budget 50%, other 50% are nationally co-financed; aggregated data extracted from priorities and focus areas from the BMEL statistic Cli-mate markers following EC methodology: P5: Promoting resource efficiency and supporting the shift towards a low-carbon and climate-resilient economy in the agriculture, food and forestry sectors (all focus areas); Climate marker 100%.

BMEL (2018); EC(2016)

CAP and GAP: European Agricultural Fund for Rural Development (EAFRD) – Total national co-financing

51 2016

National co-financing 50% (20% Laender and 30% Federal budget); ap-proximation because normal national co-financing rate is 53% but two re-gions in Germany have special status with co-financing of 25% and spe-cial national top-ups with 100% federal budget are possible for all regions

As above

EAGF

CAP and GAP: European Agricultural Guarantee Fund – Direct payments

1,061 2016

As of EU Draft Budget WD I 2016 (p.207): the direct payment for agricul-tural practices beneficial for the climate and the environment (item 05 03 01 11) is split into three equal tiers, analogous to the three compulsory farming practices applicable. The tiers receive the following climate marker: 1st tier 0% (crop diversification), 2nd tier 40% (ecological focus area), 3rd tier 100% (permanent grassland). Plus, a climate marker of 40% applied to 20% of the remaining direct payments considering cross-compliance (i.e. 8% of budget chapter 0503 direct payments without payment for agricultural practices beneficial for the climate and the environment).

As above.

Non-land-based agricultural CO2 mitigation practices (other)

CAP and GAP: European Agricultural Fund for Rural Development (EAFRD) –Total EU funding

1,125 2016

EU budget 50%, other 50% are nationally co-financed; aggregated data extracted from priorities and focus areas from the BMEL statistic. Climate markers following EC methodology: Priority P4: Restoring, preserving and enhancing ecosystems related to agriculture and forestry (all focus areas); Climate marker 100% Focus area 3B: Supporting farm risk prevention and management; Cli-mate marker 40%

BMEL (2018); EC (2016)



Focus area 6B: Fostering local development in rural areas; climate marker 40%.

CAP and GAP: European Agricultural Fund for Rural Development (EAFRD) – Total national co-financing

1,125 2016

National co-financing 50% (20% Länder and 30% Federal budget); ap-proximation because normal national co-financing rate is 53% but two re-gions in Germany have special status with co-financing of 25% and spe-cial national top-ups with 100% federal budget are possible for all regions

As above

Renewable energy

Public banks

L- and Rentenbank: Concessional loan for new energies

1,914 2016

Joint loan programme for renewable energy sources assumed to be 100% relevant because no further split-off is available and environmental protection is stated as a principal objective of the loan. No overlap due to two different financial reports of both banks offering separated numbers for the same program

L-Bank (2017); Rentenbank (2017)

Private Investments

Total equity shares for L- and Renten-bank loans

496 2016 Assumption that investors borrow 80% for renewable energy source in-vestments from concessional loans offered by L- and Rentenbank. 20% of the total investment is financed through private equity

trend:re-search (2018); BMWi (2018c).

Renewable energy investments by farmers (20% equity share)

217 2016 The total investment of farmers into renewable energy is amounting to EUR 1,084,870,743 (as explained in Annex 1). (80% of which are bor-rowed in the form of concessional loans and 20% is farm equity)

Renewable energy investments by investors (excluding farmers) in the agricultural sector (20% equity share)

261 2016

The rest of the loans offered by L-and Rentenbank are assumed to be taken by households (small investors in the agricultural sector) and also financed with 80% low cost debt and 20% equity. (Taken from total households renewable energy investments as in Annex1)

Climate related

CAP and GAP: European Agricultural Fund for Rural Development (EAFRD) – Total EU funding: M11: Payments for the introduction/ maintenance of organic farming meth-ods

392 2016 EU budget 50%, other 50% are nationally co-financed; aggregated data extracted from priorities and focus areas from the BMEL statistic.

BMEL (2018)



Annex 6: Other sectors (waste and wastewater) – assumptions

Programme / Measure



Public

KfW Investment loans for public entities (20%)

1,454 2016

We calculated investments of municipalities from their own budgets using KfW co-financing rules: 80% to 20% equity/debt split. As we have not ana-lysed municipal budgets and hence could not find any corresponding num-bers for our calculations in official documents, we just assume that this finan-cial flow originates in the public budgets.

KfW (2016)), KfW Pro-grammmerkblätte (n.a.), Email corre-spondence with Ms Bettina Dorendorf of KfW


Private (Other)

CO2 mitigation through other focus loans for companies (20%)

243 2016

We calculated investments by private actors from their balance sheets using KfW co-financing rules: 80% to 20% equity/debt split. Households finance their 20% debt share with 10% equity and 10% market rate debt.

As above.


CO2 mitigation through other focus loans for households (10% equity and 10% mar-ket rate debt)

2 2016 As above

KfW Co-financing (80%) 7 2016 As above

WZ-E (Water supply – waste and wastewater)

114 2016 Assumed a 70% debt and :30% balance-sheet financing (equity) split for cor-porate investments into energy efficiency

Destatis 2018a



Annex 7: Split of KfW programmes by investor and by financial instrument in 2016

Renewable energy Energy efficiency Other TOTAL

Investor KfW loan

KfW grant

Balance sheet

Debt Equity Total KfW loan KfW grant

Balance sheet

Debt Equity Total KfW loan

KfW grant

Balance sheet

Debt Equity Total

TOTAL

Public entities 561 6 140 - - 707 1 135 394 325 - - 1 854 3 214 - 804 - - 4 018 6 580

Companies 4 540 1 136 - - 5 675 10 363 2 640 - - 13 003 1 006 252 - - 1 258 19 936

Households 1 271 - 179 162 1 612 7 919 - 2 290 1 176 11 385 50 - 6 6 63 13 060

TOTAL 6 372 6 1 276 179 162 7 994 19 417 394 2 965 2 290 1 176 26 242 4 271 - 1 055 6 6 5 339 39 575

Energy and grid

Public entities 467 - 117 - - 583 363 - 91 - - 454 - - - - - - 1 037

Companies 3 600 900 - - 4 501 70 18 - - 88 - - - - - 4 588

Households 447 - 56 56 559 - - - - - - - - - - 559

TOTAL 4 514 - 117 - - 583 363 - 91 - - 454 - - - - - - 6 184

Residential & Tertiary

Public entities 95 6 24 - - 124 772 394 235 - - 1 401 1 406 - 351 - - 1 757 3 282

Companies 939 236 - - 1 175 10 291 2 622 - - 12 913 30 7 - - 37 14 125

Households 824 - 123 106 1 053 7 919 - 2 290 1 176 11 385 44 - 5 5 55 12 492

TOTAL 1 858 6 259 123 106 2 352 18 982 394 2 856 2 290 1 176 25 698 1 479 - 359 5 5 1 849 29 899

Transport

Public entities - - - - - - - - - - - - 355 - 89 - - 444 444

Companies - - - - - 2 0,5 - - 2,50 5 1 - - 6 9

Households - - - - - - - - - - - - - - - -

TOTAL - - - - - - 2 - 1 - - 3 360 - 90 - - 450 453

Other

Public entities - - - - - - - - - - - - 1 454 - 363 - - 1 817 1 817

Companies - - - - - - - - - - 971 243 - - 1 214 1 214

Households - - - - - - - - - - 7 - 1 1 9 9

TOTAL - - - - - - - - - - - - 2 432 - 606 1 1 3 040 3 040

in million EUR

in million EUR



Annex 8: Förder- und Landesbanken climate-related finance

Bank Priorities / measures financed Volume, EUR mn

Note Reference

Baden-Württemberg

L-Bank

Energieeffizienzfinanzierung – Bauen und Sanieren 621 KfW co-financed program Jahresbericht, p. 28

Neue Energien – Bürgerwindparks 15 Jahresbericht, p. 29

Umwelt- und Verbraucherschutz, Nachhaltigkeit, Neue Energien 71 Jahresbericht, p. 29

Wohnen mit Zukunft: Erneuerbare Energien 31 Jahresbericht, p. 87

Mietwohnraumförderung 653 Climate & energy relevance unknown Jahresbericht, p. 28

Ressourceneffizienzfinanzierung 671 Not clear if KfW co-financed program Jahresbericht, p. 28-29

LBBW

Projektfinanzierungen Erneuerbare Energien 1,126 Not clear if KfW co-financed program Sustainability report 2017, p. 78

Commercial energy effiecny loans 1,299 Not clear if KfW co-financed program Sustainability report 2017, p. 75

Private energy effiecny loans 1,106 Not clear if KfW co-financed program Sustainability report 2017, p. 75

LBBW Global Warming 33 Climate & energy relevance unknown Sustainability report 2017, p. 68

Bayern

Bayern-Labo

Energiekredit Kommunal Bayern 97 KfW co-financed program Jahresbericht, p. 43

Bayerisches Modernisierungsprogramm 11 KfW co-financed program Jahresbericht, p. 19

Bayerisches Modernisierungsprogramm 80 KfW co-financed program Jahresbericht, p. 19

Bayerisches Wohnungsbauprogramm 42 KfW co-financed program Jahresbericht, p. 28

Förderung von Eigenheimen und selbst genutzten Eigentumswoh-nungen genutzten Eigentumswohnungen

184 Climate & energy relevance unknown Jahresbericht, p. 26

BayernLB Renwable energy 140 Konzernabschluss 2016, p. 150

LFA Energie und umwelt 49 Not clear if KfW co-financed program Jahresbericht 2016, p. 13

Infrastruktur 354 Climate & energy relevance unknown Jahresbericht 2016, p. 15

Berlin

IBB IBB Energetische GEBÄUDEsanierung 69 KfW co-financed program Jahresbericht 2016, p. 20

IBB Wohnraum Modernisieren 5 Jahresbericht 2016, p. 20

IBB Energetische GEBÄUDEsanierung + IBB Wohnraum Moderni-sieren co-financing

12 email correspondence with IBB

IBB Wohnungsneubaufonds 47 Climate & energy relevance unknown Jahresbericht 2016, p. 20

IBB Wohnungsneubau 176 Climate & energy relevance unknown Jahresbericht 2016, p. 20



LBB n/a n/a n/a

Brandenburg

ILB Modernisierung und Instandsetzung 12 Jahresbericht 2016, p. 34

Kredit Mietwohnungsneubau und Instandsetzung 24 Climate & energy relevance unknown Jahresbericht 2016, p. 34

KfW-kredite 79 KfW co-financed program Jahresbericht 2016, p. 34

Kredit Energieeffizienter Wohnungsbau und Instandsetzung 8 Jahresbericht 2016, p. 34

Bremen

BAB BAB-Energieeffizienzkredit: Energie sparen, Kosten senken n/a n/a BAB

Kredit für Wohnungseigentümergemeinschaften (WEG): klima-freundlich und altersgerecht wohnen

n/a n/a BAB

Modernisierungskredite für Mietwohnungen: Aus alt mach neu! n/a n/a BAB

Neubaukredite: energieeffiziente und bezahlbare Mietwohnungen n/a n/a BAB

Neue mietwohnungen (bau) 13 KfW co-financed program BAB

Hamburg

IFB

Hamburg

Modernisierung Nichtwohngebäude - Modernisierung von Gebäu-dehullen und Energieberatung

1 Jahresbericht 2016, p. 20 and 43

Erneuerbare Wärme 0.6 Jahresbericht 2016, p. 21 and 43

Hamburger Gründachförderung 0.3 Jahresbericht 2016, p. 21 and 43

IFB-Programm Modernisierung- Mietwohnungen 0.4 Jahresbericht 2016, p. 23

Anlage wird als KfW-Effizienzhaus 40 gebaut 7 KfW co-financed program Jahresbericht 2016, p. 25

Wohnraumförderung - neu und modernisierung 384 Climate & energy relevance unknown Jahresbericht 2016, p. 26 and 37

Wohnraumförderung - neu und modernisierung 176 Climate & energy relevance unknown Jahresbericht 2016, p. 26

Energetischen Modernisierungsförderungen 31 Jahresbericht 2016, p. 29

Eigenheimförderung 100 Climate & energy relevance unknown Jahresbericht 2016, p. 30

Eigenheimförderung über Kooperationen mit den Hausbanken und über KfW-Mittel

108 KfW co-financed program Jahresbericht 2016, p. 39

Klimaschutz bei kleineren Gewerbebetrieben 0.6 Jahresbericht 2016, p. 43

Unternehmen für Ressourcenschutz UfR 3.8 Jahresbericht 2016, p. 20 and 40

Hamburg and Schleswig-Holstein

HSH Nord-bank

Renewable energy 1,000 Climate & energy relevance unknown Annual Report 2016, p. 27

Hessen

WiBank Energetische Modernisierung kommunaler Nichtwohngebäude 8 Jahresbericht 2016, p. 96

https://www.bab-bremen.de/foerderuebersicht.html







Zuschussbereich zur Förderung erneuerbarer Energien 4 Jahresbericht 2015, p. 29

KfW- und Förderergänzungsdarlehen im Mietwohnungsbau 113 KfW co-financed program Jahresbericht 2015, p. 35

Klimaschutz 0.4 Jahresbericht 2015, p. 97

Hessisches Programm zur Energieeffizienz im Mietwohnungsbau 3 Jahresbericht 2016, p. 36

Zuschuss Holzfeuerungsanlage Hessisches Energiegesetz 0.6 Jahresbericht 2016, p. 87

Hessen and Thuringen

Helaba n/a n/a n/a

Mecklen burg Vorpommen

LFI MV

Nachhaltige Stadtentwicklung 1,316 Climate & energy relevance unknown LFI MV

Wohnraumförderung/Modernisierung/Instandsetzung 3,454 Climate & energy relevance unknown LFI MV

Niedersachsen

N Bank

Wohnraum Energetische Modernisierung von Mietwohnungen 3 Förderbericht 2016, p. 32

Energetische Modernisierung von Wohneigentum 0.2 Förderbericht 2016, p. 32

Stärkung CO2-armer Verkehrsträger 0.03 Förderbericht 2016, p. 33

Energieeinsparung bei öffentl. Trägern, Kultureinrichtungen 10 Förderbericht 2016, p. 30

Optimierung des betriebl. Ressourcen- und Energiemanagements 0.4 Förderbericht 2016, p. 33

Niedersachsen-Kredit Energieeffizienz Gebäude und Produktion 14 Förderbericht 2016, p. 30

DBU Erneuerbare Energien 2 Support for intablibe measures Jahresbericht, p. 80

Klima- und ressourcenschonendes Bauen 2 Support for intablibe measures Jahresbericht, p. 80

Energie und ressourcenschonende Quartiersentwicklung und Erneu-erung

2 Support for intablibe measures Jahresbericht, p. 80

Verminderung von CO2-Emissionen in energieintensiven Branchen 3 Support for intablibe measures Jahresbericht, p. 80

Reduktion von Stickstoffemissionen in der Landwirtschaft 1 Support for intablibe measures Jahresbericht, p. 80

NordLB Erneuerbare Energien 11,562 Climate & energy relevance unknown Nachhaltigkeitsbericht 2016, p. 60

Nordrhein-Westfalen

NRW Bank NRW.BANK.Gebäudesanierung 37 Refinanced with green bonds Sustainability report 2016, p. 36

Green bonds issued in 2016 410 Renewables and energy efficiency Sustainability report 2016, p. 33

Verbesserung der Energieeffizienz in der Wohnraumförderung 42 Email communication

NRW BANK.Effizienzkredit 8 Email communication

NRW.BANK.Energieinfrastruktur 471 Sustainability report 2016, p. 27

NRW.BANK.Infrastrukturfinanzierungen 50 Email communication

NRW.BANK.Moderne Schule 55 Climate & energy relevance unknown Sustainability report 2016, p. 27

NRW.BANK Social Infrastructure 604 Climate & energy relevance unknown Sustainability report 2016, p. 26





NRW.BANK.Elektromobilität 3 Email communication

Promotional theme “Environment/Climate/Energy” 853 Financial report 2016, p. 5

Rheinland-Pfalz

ISB Modernisierung von Mietwohnungen 45 Climate & energy relevance unknown ISB Geschäftsbericht 2016, p. 45

Saarland

SIKB Investitionen und Sanierungen im Wohnungsbestand 12 KfW co-financed program jahresbericht 2016, p. 16

SaarLB n/a n/a n/a

Sachsen

SAB Wohnungsbau 325 Climate & energy relevance unknown jahresbericht 2016, p. 8

Infrastruktur und kommunales 507 Climate & energy relevance unknown jahresbericht 2016, p. 8

Umwelt und landwirtschaft 464 Climate & energy relevance unknown jahresbericht 2016, p. 8

Sachsen Anhalt

IBS

Programm Sachsen-Anhalt ENERGIE n/a n/a jahresbericht 2016, p. 15

Förderprogramm Sachsen-Anhalt MODERN 18 Climate & energy relevance unknown jahresbericht 2016, p. 13

IB-Wohneigentumsprogramm 18 Climate & energy relevance unknown jahresbericht 2016, p. 14

Schleswig-Holstein

IB SH n/a n/a n/a

Thuringenn

TAB Programms „Sanierungsbonus“ 2 Climate & energy relevance unknown Jahresbericht 2016, p. 8

Förderprogramms „GREEN invest“ 7 Jahresbericht 2016, p. 7